Crude oil futures slightly retreat after hitting a new session high on Tuesday following the OPEC+ failed to agree on a deal to increase production. OPEC's Secretary-General Mohammad Barkindo said in a statement on Monday the meeting had been cancelled.
“We cannot extend the agreement or conclude a new agreement under the same conditions. We have the sovereign right to negotiate this,” - UAE Energy Minister Suhail Al Mazrouei said.
"We have made fantastic achievements in 14 months, and it would be shameful for us not to maintain them," Saudi energy minister Prince Abdulaziz bin Salman said.
European stocks rebounded from the early session lows after the release of better-than-expected Eurozone retail sales numbers. While UK shares holding the previous session gains supported by strong construction PMI data.
US crude futures reached their highest level since November 2014 and the price of Brent crude oil hit its highest level since October 2018, exceeding $ 77 a barrel.
In the currency market, the British pound extends gains against the US dollar and Euro after the positive comments from UK Prime Minister Boris Johnson. He confirms the government aims to end restrictive measures on July 19, with a final decision to be taken next week.
The Safe-haven metal climb to a fresh weekly high of $1809 on Tuesday boosted by the weaker US dollar and US Treasury bond yields.
On the data front, the Reserve Bank of Australia kept interest rates at a record low of 0.10% and maintained its QE program. “The board remains committed to maintaining highly supportive monetary conditions to support a return to full employment in Australia and inflation consistent with the target”. RBA Governor Lowe said.
Worldwide, more than 184 million people have been confirmed infected and more than 3.98 million have died. The United States has confirmed over 33.7 million cases and has had more than 605,000 deaths from COVID-19, the highest totals in the world.
EURUSD: The currency pair retreat back to below 1.1850 after the weak German economic data. On the downside, 1.1800 is a crucial support level to watch for this week.
The important levels to watch for today: Support- 1.1830 and 1.1800 Resistance- 1.1890 and 1.1930.
GOLD: The yellow metal trading steady above $1800. If the bullish momentum continues the next upside level to watch $1810 and $1820.
The important levels to watch for today: Support- 1800 and 1795 Resistance- 1810 and 1815.
Quote of the day: “You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.” Warren Buffet.
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