A barrel of crude oil on a financial market chart amid Oil Prices Fall Below $70 Again
The head of the Supreme Election Commission in Turkey, Ahmed Yanar, stated that President Recep Tayyip Erdogan is leading the presidential race after obtaining 49.49% of the votes, with 91.93% of them counted. The percentage of votes obtained by Kemal Kılıçdaroğlu, the opposition candidate and Erdogan’s main rival, reached 44.49%.
European stock indices closed higher on Friday despite a pessimistic week as investors assessed first-quarter corporate results and economic data. The Stoxx 600 closed up 0.4%, with the banking sector up 0.8% and shares of the energy sector rising by 1.5%. However, shares of car companies fell by 0.7%.
French bank Societe Generale achieved positive business results that exceeded expectations in the first quarter, resulting in a 2% increase in its shares. On the other hand, Germany’s Allianz earnings missed expectations, and shares of the financial services provider closed up 0.5%.
US Treasury Secretary Janet Yellen said that there is still uncertainty about when the liquidity needed to pay off the government’s debt will run out, but she assured that she will keep Congress informed of any changes in the date, which could be around June 1.
She reiterated that if Congress fails to raise the debt ceiling of $31.4 trillion, it would result in an economic and financial catastrophe.
Support level | Resistance level |
101.99 | 102.20 |
101.45 | 102.78 |
100.67 | 103.05 |
Gold futures fell at the end of trading on Friday, May 12, for the third consecutive session, primarily due to the strength of the dollar and the rise in 10-year US Treasury bonds, which diminished the appeal of the yellow metal.
Upon settlement, gold futures declined by less than 0.1%, or 70 cents, to $2019.80 an ounce, resulting in a weekly loss of approximately 0.2%.
Support level | Resistance level |
2005 | 2021 |
1999 | 2032 |
1992 | 2054 |
US stock indices declined at the close of trading on Friday, driven by concerns surrounding the US economy, regional banks, and the ongoing debt ceiling crisis.
The Dow Jones Industrial Average fell by 8.89 points, or 0.03%, while the Nasdaq dropped by 0.35%. The S&P 500 also experienced a decline of approximately 0.2%.
On a weekly basis, the Dow Jones recorded a loss of 1.1%, the S&P 500 recorded a loss of 0.3%, while the Nasdaq achieved a gain of 0.4% this week.
Support level | Resistance level |
33125 | 33505 |
32950 | 33710 |
32568 | 34000 |
Oil prices declined on Monday, May 15, as concerns about fuel demand in the United States and China, the world’s largest consumers, outweighed optimism regarding tight supplies resulting from production cuts by the OPEC+ group and the resumption of US purchases for its reserves.
Brent crude futures dropped by 43 cents, or 0.6%, to $73.74 a barrel, while West Texas Intermediate crude futures fell by 37 cents, or 0.5%, to $69.67 a barrel.
Support level | Resistance level |
69.35 | 71.20 |
68.75 | 72.35 |
66.85 | 74.20 |
This material provides real-time market analysis from contributing analysts. Please note that any views expressed in this material do not constitute operational advice. It is important to assess your risk tolerance and make independent trading decisions. STARTRADER holds no responsibility for any trading consequences that may arise from relying on the views expressed in this material.
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