All of sudden, on Thursday at around 11:00 BST, digital currencies came back to life after spending several days in tight consolidative ranges. Among others, bitcoin and Ethereum, in particular, looked strong and both cryptos have now extended their gains. Bitcoin Cash, Litecoin, Ripple and Neo have all gained ground, too. There was no obvious trigger behind the rally, but the selling did look overdone and a bounce back was long overdue.
Mission accomplished. No, I'm not talking about the trade war, but we could be seeing progress on that, and not the attack on Syria, that has not happened, yet. No, we are talking about the global oil market rebalancing. The International Energy Agency that previously warned of lower for longer oil prices and warned last year that the oil price recovery was threatened by the possibility of weak demand now has changed its tune and is now saying that it is 'mission accomplished' for OPEC as oil stocks shrink at a record pace.
Everyone focuses now on the chemical attack in Syria. Meanwhile, the most important turnover in the world remains mostly unnoticed. But we’re on guard. Let’s read our analysis of the key revolution of 2018 and find out the implications for the gold market.
Crude oil prices have the potential to react strongly to supply disruptions because U.S. oil supply is below the five-year average. Crude prices surged to five-year highs after President Trump vowed to retaliate against Syria for a Chemical Weapons attack and taunted Russia about their threat to shoot down U.S. missiles if they were used against Syria.