Oil prices maintained their gains as outlook on demand looks optimistic

Oil prices crossed to the red zone but, from a monthly perspective, tightly held on to their gains high as the cleanup after the hurricanes in the United Stated regained its pace and the outlook for demand looks more positive.

In other markets, typically safe haven assets like Gold and Yen were trading higher after North Korea launched yet another missile in the breach of the United Nation sanctions while tensions over its nuclear weapons program still lingers on.

The U.S. West Texas Intermediate crude was down by 15 cents, or 0.3%, and was being traded at 49.74 per barrel. It briefly broke above $50 in the session but later pulled back.

Brent Crude futures were down by 20 cents or 0.4 percent and were sold at $55.27 per barrel after rising by 0.6 percent and closing at $55.47 in the previous session.

Asian market are under pressure as North Korea lunches another missile

Indexes in Asia closed mostly lower in the session after North Korea launched another missile in the direction of Japan. The unidentified missile flew over Japan before landing 2,000 Km east of Hokkaido. This was followed by South Korea responding by firing its own missile into the sea.

China markets edged lower. Hong Kong’s Hang Seng index went also down by 0.7 percent while in the mainland China the Shanghai Composite and the Shenzhen Composite went lower by 0.36 percent and 0.026 percent respectively.

In contrast, Japan’s Nikkei 225 was able to shrug off the geopolitical tensions in the region and climbed by 0.53 percent.

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