Market players on Forex are anticipating macroeconomic data from the US. Meanwhile, oil traders are vigorously buying crude futures.
Oil prices rose to multiyear highs on Tuesday. Brent crude benchmark grade is approaching 80 dollars a barrel. Oil prices find support mainly from the decision of Washington to withdraw from the nuclear deal with Iran and reimpose sanctions against Tehran. Such developments are viewed as the first signal of looming disruptions in oil supplies from the Middle East.
West Texas Intermediate is also developing a rally, aiming to reach 71.50 US dollars a barrel. Investors await a weekly update on US oil inventories from the American Petroleum Institute. Analysts assume a decline in oil stocks that could provide the North American benchmark grade with extra support.
The market of cryptocurrencies revealed interesting moves. Bitcoin opened this trading week with a rapid advance. The most popular cryptocurrency is trading close to 8,744 US dollars per token. Moreover, Ethereum jumped to 730 US dollars. Recently, the market is obsessed by the idea of the blockchain technology. LG entered the blockchain business by launching its own blockchain platform.
Experts say that investors of the cryptocurrency market are regaining confidence in good prospects. This is certainly bullish for prices of digital currencies. On the other hand, experts warn that any news from any central bank about tougher regulation of cryptocurrency trading floors could inject higher volatility into the market.
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Buyers of oil and cryptocurrencies regain confidence (15.05.2018)