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Daily Review 20.09.2016

Oil futures gain grounds as Venezuela’s Maduro says oil stabilizing deal ‘almost reach’

Oil prices finished impressively higher on Monday session after Venezuelan President confirmed that deal between OPEC and non-OPEC countries to stabilize oil markets is coming very near.

President Maduro confirmed that he and Iran President Hassan Rouhani are very close to a deal of price stability and is set to be announced on an informal meeting in Algeria next week.

Prices of oil tiptoed 1% higher yesterday, supported by the weaker dollar, higher equity prices in Wall Street and the military clash in Libya that disrupted African crude exports.

 On the New York Mercantile Exchange, the October West Texas Intermediate crude added 27 cents, or 0.6%, to close at $43.30 per barrel.

Meanwhile, on London’s ICE Future Exchange, the November Brent crude chipped in 18 cents, or 0.4%, to finish at $45.95 per barrel.

On the other hand, the US gasoline futures dropped 1.6% and were last trading at $1.4390 per gallon.

October gasoline lost 4.1 cents, or 2.8% at $1.421 per gallon while October heating oil slid 1.1 cents, or 0.8% at 41.394 per gallon.

US dollar tumbles ahead of Fed, Japan’s central bank meetings

The US dollar erased last Friday’s two-week high against its major counterparts as it closed down on Monday trading on investors’ bets that the Federal reserve would refuse to raise rates while Bank of Japan’s action would not weaken the yen.

Both US and Japan’s central banks are due to a comprehensive policy meeting on September 20-21, focusing on the issue of interest rates and asset-buying program.

The US dollar index, which measures the greenback against baskets of currencies, was last down 0.38% at 95.744.

Against the Japanese yen, the dollar slipped 0.53% and was last trading at a six-day low of 101.75 while the euro was last up 0.17% at 1.1173.

The Australian dollar was steady against the greenback at 75.33, remained unchanged from 75.34. The Candaian dollar finished also stronger as it was last up 0.04% at 75.72.

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