- Oil prices rebound after falling by almost $20 as fears about demand ease
- As Fed rate-cut bets are pushed back, gold falls from record highs
- Bitcoin reverses initial NFP drop and follows wider market rally
After employment data from North America revealed significant job growth, and defied predictions of an imminent economic slowdown, oil has reached its bottom. After falling by $19.74 on April 12,The th WTI crude is at a record high. The oil fundamentals for supply are still somewhat bearish, but expectations are for OPEC+ to take care of that at next month’s meeting on output.
WTI crude looks like it is about to reach a comfortable level above $70. However, for now, fears of oversupply should stop any rallies near $75.
Gold has been under pressure since it finally reached record territory. The hot NFP data has delayed Fed rate reduction bets. It wasn’t just the US, Canada also posted robust job growth in April and that is delaying calls for an imminent economic slowdown. The Fed’s next move could still be a cut, but if banking worries continue to ease and the economy remains resilient, some policymakers may want to…