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Oil prices rise
Crude prices are rising as the dollar weakens and prospects of an Iran nuclear deal revival fade away. Risk appetite is back and that is mainly due to the falling dollar, which is adding fuel to the rally in crude. The oil market still remains tight and seems poised for further shortages as growth outlooks globally seem to be improving. European risks could be peaking this winter and China’s cyclical risks are very short-term. Demand destruction calls have been overdone and oil seems like it could be poised to make a run back above the $100 a barrel level.
Gold
Gold is having a great day as inflation expectations are dropping. Gold bulls fought hard to hold the $1700 level and it seems the ECB’s latest round of hawkishness is countering all the talk from the Fed about leaning towards another significant rate rise. This is a turning point in the gold trade and if inflation continues to slow, bullion should continue to stabilize here.
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Image and article originally from www.marketpulse.com. Read the original article here.