Considering advanced prints from CME Group for crude oil futures markets, open interest rose by around 19.5K contracts after three consecutive daily pullbacks on Tuesday. Volume followed suit and went up by nearly 20K contracts, reversing at the same time three straight daily drops. WTI: Next target emerges near $95.00 Prices of WTI charted decent gains on […]
Middle East
Middle East
Middle East
08
Aug
Aug
WTI slides towards $81.00 amid risk-off mood, downbeat China concerns ahead of API crude oil inventories
WTI crude oil takes offers to refresh the intraday low near $81.40 amid the early hours of Tuesday’s European session. In doing so, the black gold drops nearly 1.0% on a day after witnessing a lackluster start to the week. That said, the energy benchmark’s latest losses could be linked to the market’s risk aversion, as well as […]
04
Aug
Aug
Oil market outlook: Impact of production cuts and economic indicators on price trends
Oil prices are set to continue their upward trajectory, marking their sixth consecutive week of gains. This comes after Saudi Arabia and Russia, two of the world’s largest crude producers, pledged to reduce output through the next month. Brent crude futures for October rose slightly to $85.24 a barrel, while U.S. West Texas Intermediate crude for […]
04
Aug
Aug
Oil update: The Russian impact
In February, Russia declared its plan to reduce oil production by 500kb/d in March due to the price caps imposed by the West on Russian oil and oil products. However, implementing this pledge was only partially done during the spring. Therefore, the announcement made by Russia in early July to further decrease oil exports by […]
04
Aug
Aug
US Dollar keeps strength towards NFP
A sell-off at the long end of the US Treasury market has cast a shadow over risk assets and hit cyclical currencies. The dollar has been the main beneficiary. Expect focus to remain on the US bond market very much into next week’s quarterly refunding. USD: Tracking treasuries In Wednesday’s session, the focus was on […]
02
Aug
Aug
OPEC+ unlikely to change its oil output policy on August 4
Citing six OPEC and its allies (OPEC+) sources, Reuters reported on Wednesday, the alliance is expected to make no changes to its current oil output policy when they meet on Friday, August 4. Additional takeaways “The committee would probably not make any changes to existing policy during Friday’s online meeting.” “Rising oil price is a reason […]
05
Jun
Jun
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WTI crude oil surpasses $75 amid OPEC+ and geopolitical events, despite firm USD
WTI crude oil pares intraday gains around $73.20, after the week started with a gap towards the north, as headlines suggesting challenges to the Oil output contrast with the US Dollar’s run-up. Also likely to weigh on the black gold could be the cautious mood ahead of the key China and US data, as well as the […]
10
May
May
CPI Data in The Spotlight Today
Futures based on indexes from the Old Continent point to slightly higher opening of today’s trading session in Europe. Markets are looking nervous ahead of the macro publications scheduled for today, which are likely to dictate how the future monetary policy of the major central banks will be created. The crypto market extends bearish trend […]
08
May
May
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The Morning Market Wrap
Gold plunged on Friday and realized a textbook range of the breakout below the neckline of a double top pattern. Declines were halted at the 200-hour moving average (purple line) and now precious metal attempts to recover. Source: xStation5
08
May
May
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Oil prices creep higher as recession fears begin to fade
SINGAPORE (Reuters) -Oil prices rose slightly on Monday as traders remained cautious despite receding fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November. Brent crude futures were up 11 cents, or 0.2%, at $75.41 a barrel at 0252 GMT. U.S. West Texas Intermediate (WTI) […]