The U.S. State Department laid down the gauntlet as the United States threatened to slap sanctions on countries and companies that don’t cut oil imports from Iran to “zero” by Nov. 4. That’s right, zero, zip, nada you name it. There will be no waivers granted at this point and the United States is going to issue penalties to those that decide to buy Iranian oil.
Crude oil prices roared back after the Russia central bank sent signals that they were not very happy about the rapid drop in crude prices, and European markets bounced back as Italian political factions have decided to talk. This comes as there is more evidence that OPEC and Non-OPEC have achieved their goal of getting rid of the global petroleum glut.
A major blow to the EU! The populist Five Star Movement won about one-third of the votes in the Italian general elections. It’s another negative shock for the European establishment. Will these stars shine on gold?
European stocks and the euro rose on Monday, battling back as investors bet that Prime Minister Matteo Renzi's resignation after voters rejected his constitutional reforms would not trigger a snap election in Italy.
Crude oil prices, like the rest of the global markets, are shaking off the Italian “No" vote on constitutional reforms and Italian Premier Matteo Renzi announced resignation and instead are focusing on growth and OPEC production cuts. After opening lower, the global markets came roaring back as it might not be all bad that Italy is seeking change.
The dollar gained ground against the yen on Tuesday after a roller-coaster 24 hours which traders say may just be a precursor to three weeks of risk-packed events for the $5 trillion a day currency market.
Gold rallied to its highest since 2014 today and crude struggled to recover from deep losses, as renewed fears over the impact of Britain's exit from the European Union pushed investors toward safe havens.