Oil is trading higher, extending gains from the previous week amid continued efforts to restore production following a cyber attack on a top US pipeline.
However, with no solid timeline in place as to how long it will take to normalise operations, the price of oil is likely to remain well supported.
Elsewhere, Indian Prime Minister Narendra Modi is under mounting pressure to impose a nationwide lockdown as Covid cases remain elevated in India, the world’s third-largest importer of oil.
The shockingly weak non-farm payroll report validates the Fed’s dovish stance, and fears they will taper support earlier now appear unfounded in light of the weak jobs report.
The data offered just the confirmation gold bulls were looking for, cementing the idea that interest rates will stay low for longer, which is good news for non-yielding gold.
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