WEEKLY REPORT

Highlights:

• EUR/USD Rose as the European Central Bank was not considering buying government debt
• GBP/USD Fall and remaining near 31-year low
• USD/JPY Gains on safe-haven demand
• USD/CAD edges down to 1-week lows in early trade
• Gold Stays near 2-year high as rally continues
• Crude Oil Inch higher as Nigeria militants claim fresh attacks

Crude Oil

Inch higher as Nigeria militants claim fresh attacks

Crude pushed higher as market players monitored more disruption to supplies from Nigeria. The Niger Delta Avengers militant group has claimed responsibility for five new attacks on Nigeria's oil infrastructure over the weekend, dealing a blow to the government’s effort to enforce a cease-fire. Signs of a potential recovery in U.S. drilling activity limited gains. According to oilfield services provider Baker Hughes, the number of rigs drilling for oil in the U.S. rose by 11 last week to 341, marking the fourth increase in five weeks. However, oil demand and, as a result, prices could come under pressure as weak margins prompt run cuts at a time when refineries in top consuming region Asia are already gearing up to enter their maintenance season.

On the New York Mercantile Exchange, WTI crude traded between $47.91 and $49.08 a barrel before closing at $49.02, up 0.69 or 1.43% on the session. On the Intercontinental Exchange (ICE), brent crude wavered between $49.26 and $50.42 a barrel, before settling at $50.39, up 0.68 or 1.37% on the day. Crude accelerated gains in the final hour to close near session highs.