Oil buoyed by improved risk appetite and Ida caution
Oil prices are on the rise once more, buoyed by improved risk appetite in the markets and as Tropical Storm Ida forces companies to evacuate offshore facilities in the Gulf.
Ida is expected to intensify as it makes landfall which creates uncertainty for producers in the region. This is nothing new but every Hurricane is different and brings uncertainty for the region that contributes heavily to US output.
Should it pass without major issues then we could see oil paring some of these gains on Monday. Of course, risk appetite looks vastly improved after Powell’s speech so maybe not.
Bitcoin jumps at the end of the week
Bitcoin is bouncing back on Friday, seemingly buoyed by improved risk appetite in the markets.
The cryptocurrency still looks vulnerable to a correction but today’s move will provide some optimism that it can keep the party going in the near term and overcome $51,000.
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