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Oil is at its highest level since March

Oil is at its highest level since March.. gold is at its highest level in 5 years

Oil is at its highest level since March.. gold is at its highest level in 5 years

Oil is at its highest level since March.. gold is at its highest level in 5 years:

Gold and oil prices on the commodity trading market rose in the second
session of the week, while European exchanges also maintained their progress
at the beginning of the trading session so far. 

In Asia, there was no clear trend of trading, while Wall Street was closed yesterday for the Memorial Day holiday. 

Evest follows all developments on the economic scene and relays them directly to you.

Oil is at its highest level since March 8th

Oil prices rose today, Tuesday before the meeting of major producers.

The price of Brent oil barrels, which rose to $69.32 yesterday, ended at $70.30, up 1.41 percent from yesterday.

Meanwhile, a barrel of West Texas crude oil found buyers at $67.73.

bringing oil prices to their highest levels since March 8th.

The rates rise has been driven by growing perceptions that the continued economic recovery in the world’s
largest oil consumers, United States, China, and many European countries,
and the expected increase in travel over the summer period will be reflected in demand for oil.

United States

In the United States, where measures against the Covid-19 pandemic have
begun to ease, expectations for oil demand are increasing as restrictions are lifted in major cities.

Finally, while restrictions between industries have been greatly eased in Chicago, companies in New York City
are scheduled to fully open as of July 1.

In China, the world’s largest oil importer, the Manufacturing Purchasing Managers’ Index (PMI) rose to 52.0 in May,
according to data released today, which is the highest level since December 2020.

Markets are focusing on the meeting to be held today by the Organization of Petroleum Exporting Countries (OPEC),
and OPEC +, which is made up of some non-OPEC producing countries. 

The energy ministers of OPEC

The energy ministers of OPEC +, which includes Russia as well as OPEC members,
will discuss their production policy at their meeting today. 

The group, which decided to gradually increase its daily oil production for May, June, and July at its April 1 meeting, is not expected to change its production policy due to the strong demand outlook, despite the expected increase in Iranian oil production from member states.

The Organization is currently facing contradictory developments in the oil market.


On the one hand, the more stable situation of Covid-19 in the United States of America, China, and large parts of Europe
indicates high oil demand. however, many Asian countries and some South American countries are struggling with new Covid-19 waves.


There is also a question of how nuclear negotiations with Iran will evolve.

It depends on whether the member states of the Organization of the Petroleum Exporting Countries (OPEC) are subject to lesser sanctions and can increase their oil exports.

The Secretary-General of OPEC, Mohamed Barkindo, also indicated yesterday that Iran could return to the oil market after the lifting of the United States sanctions, saying that the expected return of Iran’s production and exports to the global market is to maintain the relative stability that we have sought since April last year, and we appreciate that it will take place in an orderly and transparent manner. 


In Vienna, the capital of Austria, the full implementation of the Iranian nuclear agreement, called the Comprehensive Joint Action Plan, and the negotiation process for the return of United States sanctions to the agreement reinforces speculation that an agreement between the two parties may be too severe.

The fact that Iran will formally resume oil exports with the lifting of sanctions brings with it concerns about market supply, which has been suffering from weak demand in the current period. 

Gold rises to the highest level in 5 years

Growing inflationary pressures and a weak dollar pushed gold to its highest level in nearly five years.

The ounce of the precious metal rose 0.4% to $1915. 

According to analysts, gold prices are in a very strong upward trend, and this is taking place against the backdrop of a decline in the US dollar and inflation concerns, and the return of Chinese and Indian buyers is fueling demand.

Asia’s exchanges are dispersed

Major Asian exchanges are not moving in a clear direction today, and as the highly volatile session draws to a close, stocks of basic necessities and healthcare sectors have declined, while stocks of discretionary commodities have risen. 


In Tokyo, the indicators varied, with the Topix index closing higher, while the Nikkei index fell after the morning started in the Green Zone, weighed by the afternoon profit after its gains last week.

The main Nikkei index fell 0.16% to 28,814.34 points, while the expanded Topix index rose 0.17% to 1926.18 points.


Japanese investors in the market tend to be cautious, before the release of some important data in the US market this week.

The ISM manufacturing activity index for May is expected to be disseminated later on Tuesday.

Hong Kong

In Hong Kong, the Hang Seng Index rose by 0.89%, and the Shanghai and Shenzhen Composite Indexes closed up 0.03% and 0.1%, respectively.


Korea gained 0.5%, while Australia was bucking the trend, falling 0.2% at the time of the closure.

The collective rise in European indices

In the European equity market, the German DAX index was up 0.70%, the British FTSE 100 index was up 0.38%, the French CAC 40 index was up 0.35%, and the Spanish IBEX 35 was up 0.02%.

The movements in the currency trading market

In the currency trading market, the euro rose by 0.07% against the dollar, to $1,2236.

The Eurozone currency fell 0.05% to $ 0.8597.

The British pound rose 0.20% against the dollar, to $ 1.4236.

Today’s agenda

Among the macroeconomic data expected to be released today are GDP and
unemployment data in Italy, inflation and unemployment and PMI manufacturing in the Eurozone,
and unemployment data from Germany.

In addition to the release of the ISM Manufacturing Activity Index for May.

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