Market Update

According to a recently conducted Reuters survey, the Organization of the Petroleum Exporting Countries’ total oil output in February declined by 870,000 barrels per day (bpd), marking the first monthly decline in eight months. “OPEC oil output fall led by Saudi Arabia; Nigeria posted the biggest increase,” Reuters reported

The UK manufacturing sector activity expanded at a faster pace than expected in the month of February. Today’s survey showed that British factories recorded the slowest rate of production growth since May in February, as supply chain disruptions and rising costs linked to Britain’s withdrawal from the European Union and Covid-19 …

Oil prices rose more than a dollar today, Monday, after the US House of Representatives approved a massive stimulus package, but the slowdown in the growth of factory activities in China limited the gains. Brent crude futures for May delivery increased $ 1.24, equivalent to 1.9%, to $65.66 a barrel. …

European stocks rose today after heavy losses incurred last week in light of the decline in sales in the bond markets, as well as boosted sentiment optimism about vaccination campaigns to prevent Covid-19 and a US stimulus package. The pan-regional STOXX 600 index rose 1.6%, following strong gains for Asian …

The Japanese TOPIX index recorded the largest jump in seven months with the halt in US Treasury bond sales, which supported the Nasdaq index, which is full of technology stocks and led to the rise of shares of local chipmakers. The index jumped 2.04% to 1894.94 points, the biggest gain …

Gold rose more than 1% on Monday, recovering from its lowest level in more than eight months touched in the previous session, as the dollar weakened while the United States approved a huge stimulus package worth 1.9 trillion dollars. Gold rose in the spot market 1% to $1750.24 an ounce, …

Oil prices declined on Friday, amid a rise by the U.S. Dollar (USD) and expectations for deciding on an increase in output during the upcoming OPEC+ summit. Brent crude futures for April delivery declined by 75 cents, or 1.1%, to close at $66.13 per barrel, while May futures plunged by …

Gold prices declined on Friday, falling for the fourth consecutive session, extending their weekly and monthly losses amid a rise in treasury yields. The yellow metal futures for April delivery closed lower by $46.60, or 2.6%, at $1,728.80 per ounce, finishing at their lowest level since June 2020. For the …

The number of active rigs drilling for oil in the United States increased by four to 309 this week, according to data by Baker Hughes released on Friday. Natural gas rigs rose by one rig, with the total rig count increasing by five to 402. Last week, oil rigs recorded …

European stocks closed lower on Friday, extending their weekly losses, amid a rise in treasury yields. The STOXX Europe 600 index declined by 1.72% to finish the week at 404.64 points, declining by 2.5% on a weekly basis. On the monthly level, the pan-European index gained 2.2%. The French CAC40 …