Noor Trends News, Technical Analysis, Educational Tools and Recommendations

March, 2021

• 31 March 2021 5:34 pm

  OPEC+ Oil Production Rise in March

  

  According to a Reuters survey, OPEC oil production rose in March, as an increase in supplies from Iran was matched by reductions from other members under an agreement with allies, representing an obstacle to efforts to limit supplies if the production increase by Tehran continues. The survey concluded that the …

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• 31 March 2021 4:50 pm

  Chairman of the Suez Canal Authority: The canal is operating at full capacity around the clock

  

  The head of the Suez Canal Authority, Lieutenant General Osama Rabie, stated that the navigation traffic in the canal is working on a regular basis, as the navigation reports record, today, Wednesday, 81 ships crossing from both directions, with a total net tonnage of 4.8 million tons. A net amount …

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• 31 March 2021 4:11 pm

  Reuters – Pfizer announces positive topline results of COVID-19 vaccine study in adolescents

  

  Pfizer-BioNTech announced on Wednesday that their COVID-19 demonstrated 100% efficacy and robust antibody responses in participants aged 12-15 years old, as reported by Reuters. “Companies plan to submit these data to the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) as soon as possible to request …

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• 31 March 2021 3:36 pm

  OPEC+ Committee Lowers its Global Oil Demand Growth Forecasts

  

  A report issued from an OPEC + expert team committee reviewed by Reuters revealed that the cartel has lowered its forecast for global oil demand growth in 2021 by 300,000 barrels per day, indicating concerns about the market’s recovery in light of a new wave of lockdown measures to combat …

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• 31 March 2021 2:32 pm

  Currencies Overview: US Dollar at Monthly Highs on Fiscal Stimulus Speculation

  

  The dollar hit a new year high against the yen and a multi-month high against other competitors on Wednesday (March 31st), as investors speculate that a massive fiscal stimulus package and an expanded vaccination campaign will help the United States lead the global pandemic recovery. Today, US President Joe Biden …

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• 31 March 2021 1:53 pm

  Gold on Track For Its Worst Quarterly Performance Since The End of 2016

  

  Gold rose in volatile trading on Wednesday, March 31st, but the yellow metal is still heading for the biggest quarterly decline since December 2016, with the rise in US Treasury yields and the dollar undermining the charm of safe-haven status in gold. An increase of 0.1% to $ 1686.65/ounce in …

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• 31 March 2021 1:04 pm

  Oil Prices Rise Amid OPEC Production Cuts

  

  Oil prices rose on the eve of an OPEC+ meeting, while investors believe that producers will largely agree to extend curbs on their supplies until May. OPEC+ raised concerns about the increase in the number of Coronavirus cases globally and that the general isolation measures will affect the recovery of …

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• 31 March 2021 12:38 pm

  Reuters: The OPEC+ Joint Technical Committee Says The Uncertainty May Affect The Recovery in Oil Demand

  

  A report from the OPEC+ Joint Technical Committee reviewed by Reuters revealed concerns that uncertainty may affect the recovery of oil demand amid increasing global coronavirus infections and lockdown measures. The committee added in the report that despite the ongoing elimination of OECD commercial stocks, still above the 2015-2019 average, …

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• 31 March 2021 3:24 am

  Goldman Sachs Expects Boom as U.S. Recovers from COVID-19

  

  The United States could witness an economic boom, as it recovers from the Coronavirus (COVID-19) pandemic, a recent report by Goldman Sachs suggested. “Our expectation of accelerating sequential growth is transitioning from forecast to fact,” the bank’s analysts said in a recent report titled, Anatomy of a Boom. Credit card …

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• 31 March 2021 2:51 am

  Fed’s Williams Optimistic about Economic Recovery

  

  As more Americans are vaccinated and households and businesses from fiscal support, there are reasons to be optimistic about the U.S. economy President of the Federal Reserve Bank of New York, John Williams, said on Tuesday that he is optimistic for the United States economy as more people are vaccinated …

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• 31 March 2021 2:46 am

  Wall Street Closes Lower Awaiting Biden’s Infrastructure Plan

  

  he New York Stock Exchange (NYSE) closed Tuesday with relatively small losses, as Wall Street investors were impacted by the tech sector losses that resulted from a surge in Treasury bond yields to their highest level in about 14 months. The Dow Jones Industrial Average declined by 104.41 points, or …

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• 31 March 2021 2:38 am

  Oil Losses Exceed 1% Ahead of OPEC Summit

  

  Oil prices declined on Tuesday, after the reopening of the Suez Canal limited concerns about supply flows. In addition, the surge by the U.S. Dollar (USD) weighed on crude prices, ahead of the OPEC+ meetings, which will decide whether major producers will extend their output curbs during May or not. …

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• 30 March 2021 11:00 pm

  Gold Closes Near Three-Week Low

  

  Gold futures declined on Tuesday for the second consecutive session, amid a strong rise by the U.S. Dollar (USD) and Treasury bond yields. The yellow metal most actives contracts closed at their lowest level in nearly three weeks, breaking the $1,700 support level. Gold futures for April delivery finished lower …

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