In the commodity market, oil prices are retreating from weekly highs after surging over 3% on Thursday. Yesterday, crude rallied as Hurricane Delta forced producers in the US Gulf Coast to halt almost 92% of output. Oil futures have gained over 10% this week, demonstrating the best weekly performance since May. Still, crude futures are giving up some gains amid a strike in major producer Norway, which may cut the country’s supply by 25%. Both WTI and Brent are down over 0.40%.
Gold is increasing on stimulus hopes and a weaker US dollar, consolidating above $1,900. The metal is now up 0.82% to $1,910. Still, it is set to end the week lower.
In FX, the dollar is under pressure amid stimulus hopes and ahead of the election. The USD Index is down 0.14% to 93.515. EUR/USD is also up 0.14%, trading at 1.1774.
The pound is stronger than the greenback but fell against the euro. The British currency is supported by persistent but cautious optimism over a post-Brexit trade deal between the UK and the EU. Both sides admitted that a deal is still doable. The UK’s deadline is on October 15, but some extension is possible.
