This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission.
(Kitco News) – World stock markets were mostly firmer overnight, following the lead of U. S. stock indexes that hit record highs Thursday. U. S. stock indexes are pointed toward slightly higher openings when the New York day session begins. Many world stock markets are also at or near record highs.
Gold prices are lower in pre-U. S. session trading, amid the ‘risk-on’ appetite seen in the world marketplace so far Friday.
A feature in the marketplace so far today is solidly lower crude oil prices. Nymex crude oil futures prices hit a three-week low overnight, below $47.00 a barrel. The weekly DOE liquid energy stocks report released on Thursday was bearish, showing rising U. S. crude oil exports. A Wall Street Journal survey of oil analysts showed them lowering their oil price expectations in the near term and in the longer term. The oil market bears have gained downside momentum this week and have the firm overall near-term technical advantage.
This post was published at Wall Street Examiner by Jim Wyckoff ‘ June 2, 2017.
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