In the commodity market, oil prices have declined as investors are worried about oversupply after an unexpected increase in US crude inventories. The American Petroleum Institute said that crude inventories rose almost 600,000 barrels in the week ending on October 16, while analysts expected a draw of about 1 million barrels. Meanwhile, the number of COVID infections continues to increase, with some European countries introducing new lockdown measures. Gold is up on stimulus hopes and amid a weakening US dollar. The metal has gained 0.25% to $1,920, touching the highest level since October 13. However, gold might lose ground if stimulus talks lead to nowhere. In FX, the greenback continued to decline amid stimulus hopes, as investors shifted to riskier assets. The USD Index fell 0.27% to a monthly low at 92.800. EUR/USD surged 0.32% to 1.1860. By Strategy Desk
The post (21 October 2020)DAILY MARKET BRIEF 2:Oil prices have declined first appeared on Forex news forex trade.