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Trump instructs energy and finance ministers to draw up plans for oil and gas industry, Gold will remain near historical highs

Trump instructs energy and finance ministers to draw up plans for oil and gas industry

US President Trump posted on a social networking site that he has instructed the Secretary of Energy and the Secretary of the Treasury to formulate plans to support the U.S. oil and gas industry, provide funds for companies, and ensure that these very important companies and positions can continue to be maintained in the long run. The closure of related industries is not allowed. However, due to the lack of details, the market doubts have not been completely resolved. In addition, the Wall Street Journal quoted a message that Saudi Arabia and other oil group member countries are considering early production cuts. If the United States, Norway, etc. join, global production is expected to decrease by nearly 20 million barrels. Although good news appeared in the market one after another, the support for oil prices was not strong, mainly because the market was still worried about the epidemic situation and high crude oil inventories.


Gold will remain near historical highs

On Tuesday, the crude oil market June WTI futures contract triggered three meltdowns on Tuesday, causing US stocks to plunge. At the same time, it also exacerbated the market ’s worries about the economic recession, and the liquidity demand for the US dollar rebounded again. Affected by this, gold once fell below $ 1660. At the same time, gold has a commodity attribute is also one of the factors that are dragged down. However, due to the continued downward pressure on the global economy and the market expects inflation to rebound with the unprecedented stimulus measures of various countries, gold then rebounded quickly. At the same time, from other gold markets, the pound-denominated gold remained near the historical high.



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