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Future contracts oil continue to rebound – Fundamental Analysis : 24-04-2020

News Date: 24/4/2020 07:45:19
Update Date: 24/4/2020 07:50:05

Crude oil futures rose, as Brent and Nymex crude bounced back from their lowest levels.

After its rebound yesterday, the future oil contracts for next June continue to rebound today, and this is due to the economic developments that the world knows, and in the absence of a balance between supply and demand, which caused a large deficit, then there is more inventory, and storage places are filled with the last.

Brent crude futures that will be delivered at the end of next June increased by 1.78%, and after it concluded yesterday’s trading at $ 21.33, and today it trades at $ 22.32 per barrel compared to the opening price in the first session of the day that arrived To $ 21.93.

Also, future contracts for the month of June rose in the first session of the day, for Nymex oil prices to 3.93%, to fluctuate their trading prices at the level of 17.40 dollars per barrel after they concluded yesterday’s trading at 16.5 dollars per barrel.

The value of the US dollar appreciated, With regard to the Japanese yen by 0.11%, where 1 Japanese yen = $ 0.0093.

It also rose against the Canadian dollar and the British franc, in contrast, it fell against each of the euro, by an estimated value of 1.037%, and the dollar became equal to 1,0765 against a unit of the euro, and the British pound also succeeded in rebounding from the dollar by 1,4006%.

In general, these changes were accompanied by an increase in the price of gold by 2,923%, without forgetting silver, which in turn rose by 0.599%, and its happiness stabilized at 15,287.

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