In the commodity market, oil prices are recovering after yesterday losses, as Hurricane Delta is forcing oil rigs to halt operations in the Gulf of Mexico. Hopes for at least a partial stimulus in the US are also supporting crude prices. Still, gains are capped by worries about low demand, as the number of COVID infections continue to increase. WTI is up 0.13% and Brent has added 0.24%, trading at $40 and $42.08, respectively. Yesterday, prices turned bearish by the end of the session after the Energy Information Administration (EIA) said that oil inventories rose by 501,000 barrels for the week ending October 2, while analysts expected a draw. On larger timeframes, prices continue to move sideways since June.
Gold has stabilized after falling yesterday on Trump’s cancellation of stimulus talks. The metal is now up 0.08% to $1,892.
The dollar has lost the greatest part of yesterday's gains amid cautious stimulus optimism, which boosts demand for riskier assets. Also, the Fed’s minutes showed that the central bank would support low rates for more years than expected. The USD Index is down 0.11% to 93.578. EUR/USD is up 0.13% to 1.1776.
The pound is also stronger than the greenback and moving together with the euro amid some cautious Brexit optimism. European diplomats told Reuters that the latest round of talks for a trade deal between Britain and the EU was the most positive one so far.
