Forex and Commodities – Hurricane Warning Raises Oil Prices – Economics

Speculation over supply shortages pushed up oil prices on Friday. The North Sea Brent variety rose 2% to $ 72.47 a barrel, while the price of US WTI light oil rose 1.8% to $ 68.64. An approaching hurricane could cause production disruptions in the Gulf of Mexico, traders said. Moreover, given the increase in corona cases around the world, it is more likely that OPEC and its allies will not increase their oil production at this time, Oanda analyst Edward Moya said.

The euro gained ground in the forex market. The common currency was quoted up 0.4% to $ 1.1791 in the evening and thus took advantage of the weaker dollar, weighed down by a speech by the chairman of the US Federal Reserve, Jerome Powell. As expected, the latter had promised a reduction in bond purchases this year, but without giving a specific time.

Growing tensions in Afghanistan have caused nervousness in financial markets and thus stimulated demand for safe havens for investment. “There are concerns about further escalation there,” ANZ analyst Daniel Hynes said. Some investors have therefore turned to gold to hedge the risk. The precious metal rose 1.3 percent to $ 1,814 per troy ounce.

The crypto market was running out of steam. After many digital currencies rose significantly earlier in the week, they lost value again during the week. Bitcoin, the largest cryptocurrency on the market, cost $ 47,275. On Monday, the price had risen significantly and exceeded the $ 50,000 mark for the first time since May. The trigger was the big payment service PayPal’s announcement to expand its US-based crypto offering to Britain.

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