Forex Marketz Daily Forex News – Fully Markets Update
Crude oil futures contracts surged during the Asian trade session on Thursday. This comes after U.S. President Donald Trump said that he expects Russia and Saudi Arabia to reach a deal to settle their destructive price war over the next few days.
The international benchmark, the Brent crude futures contract, as of 1:20 am GMT, added four percent to trade at $25.74 per barrel. Earlier in the session this contract hit a high of $25.89 per barrel.
U.S. West Texas Intermediate (WTI) crude futures contract, for front end delivery, also gained. This contract was up 3.7 percent to trade at $25.74 per barrel. Earlier, this contract hit a high price point $21.47 per barrel.
Crude Oil Gains after Trumps Comments on the Price War
Overnight, the U.S. President said that the oil industry has been “ravaged” thanks to oil prices hitting an 18 year low. This comes as Saudi Arabia and Russia are locked in an all-out price war.
Demand for the black gold is also greatly diminished thanks to the Covid-19 pandemic Trump said that he expects the two sides will “work it out over the next few days.” He has been in contact with the country’s leaders.
The President said that “it’s very bad for Russia, it’s very bad for Saudi Arabia. I mean, it’s very bad for both. I think they’re going to make a deal.”
The American President also said that he would meet with oil industry leaders to discuss a number of options to help the sector hit by weakening demand as the Covid-19 outbreak has hit economic activity hard.
U.S. to publish more Labor Data before Friday’s all-watched NFP
The world’s largest economy, the United States is publishing the last pieced of the labor force puzzle before Friday’s closely watched non-farm payroll (NFP) report from the U.S. Labor Department. The United States will release weekly unemployment claims. These claims are for the week ending March 27. The U.S. will also publish their Challenger jobs cuts.
The U.S. will also release monthly trade data. Factory orders for the month of March are also on the docket.
In the Eurozone, Spain will publish their monthly unemployment change. The Eurozone will release their monthly producer price index (PPI).
