Crude oil inventory data makes the market full of doubts
The American Petroleum Institute (API) announced last week that crude oil inventories increased by 9.98 million barrels, slightly lower than market expectations of an increase of 10.6 million barrels. However, gasoline stocks unexpectedly decreased by 1.11 million barrels, while distillate stocks increased by 5.46 million barrels, more than market expectations. At present, US crude oil inventories have increased to 510 million barrels, and Cushing ’s inventories at major crude oil settlements have increased by 2.49 million barrels. The data makes the market lingering doubts about the fullness of crude oil inventories.
South Africa will relax its isolation order and launch economic stimulus package
From May 1, South Africa will relax the isolation order. On the other hand, in order to rescue the economy, the South African government launched a 500 billion rand, or about 26 billion US dollars, to save the economy. All this brings support to Rand. However, all these factors are good, but last Friday was warned by rating agency Moody’s that its expanding fiscal deficit may affect its rating, which limits its ability to increase its currency.
Z. com Bullion is an affiliate of GMO Financial Holdings, Inc., a Japanese listed group. The risk of loss in leveraged foreign exchange trading & margin trading can be substantial. Visit the company website to read full risk warning. https://bullion.z.com/en/about/legal/risk/
Service relating to Over-the-counter (OTC) Gold Bullion/Silver trading is provided by MOL. OTC Gold/Silver Bullion trading carries a high degree of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. OTC Gold/Silver Bullion is not regulated by the Securities and Futures Commission (""SFC"") and therefore trading OTC Gold/Silver Bullion will not be subject to rules or regulations promulgated by the SFC. Before deciding to trade OTC Gold/Silver Bullion you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain losses in excess of your deposited fund or even more in extreme circumstances and therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading OTC Gold/Silver Bullion, and seek advice from an independent financial advisor if you require.