Oil Price Fears Weighing on Sentiment

from Gold Money:

Another day, and more oil price concerns. Iranian oil shipments are dropping in the face of western sanctions, with President Obama expected to confirm on Friday that sanctions aimed at cutting off Iran’s central bank from the oil market will take effect from late June. The US, UK and France are said to be considering the release of strategic oil stocks in order to ease supply pressure, with the prospect of a fuel tanker drivers’ strike in Britain adding to supply pressure. ICE Brent crude is up 0.23% to $124.44 a barrel at 10am GMT. Metal prices have trailed off, with the gold price down but still above support at $1,650.

Though US durable goods orders came in below expectations, JPMorgan thinks that the American labour market is “transitioning to strong job growth” as a result of businesses’ strong profit margins and “relatively easy financing”, with the company’s CEO Jamie Dimon saying that “you could come up with a pretty bullish case” for the housing market. The Federal Reserve’s money printing efforts are starting to bear fruit.

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