brent

Technical Analysis – Brent drops following bounce off 2-½-year high at 67.06

Posted on December 27, 2017 at 11:14 am GMT

Brent crude oil futures for February printed six positive daily closes and added more than 7% to its performance extending their gains to a 2-½-year high of 67.06. The upward tendency started after the retest of the ascending trend line, which has been holding since October. The next level to have in mind is the 161.8% Fibonacci extension level at 68.15, with the low at 62. and the high at 65.80. On the downside, if the price fails to rise further, it could hit again [..]

US Open Preview – Pound in shape after positive Brexit signals; stocks up; US tax updates eyed; US factory orders awaited

Posted on December 4, 2017 at 12:48 pm GMT

Here are the latest developments in global markets: Forex: Sterling rallied above 1.35 against the dollar and touched a fresh one-month high versus the euro after EU parliamentary members of the Brexit group said there was a “very good chance” of a deal and that May’s meeting with the President of the European Commission could resolve main issues. The euro was on track to post a second red daily candle on the back of a stronger dollar despite the Eurozone’s Sentix investors confidence index in [..]

US Open Preview – Euro bears in charge; European stocks in green; eyes on US PCE inflation index & OPEC meeting

Posted on November 30, 2017 at 12:20 pm GMT

Here are the latest developments in global markets: Forex: The euro dived to a one-week low versus the dollar and approached a one-month low against the pound after flash inflation estimates out of the Eurozone inched below expectations in November, whereas the block’s unemployment rate ticked down, hitting fresh multi-year lows. Pound/dollar was on track to post a third straight green daily candle, while the kiwi was the worst performer amid weakening business sentiment. Stocks: European stocks were posting gains. The STOXX 600 index was 0.57% up, the German Dax [..]

Forex Market Review (European Session) – Dollar tumbles on disappointing inflation; Kuwait’s OPEC governor boosts oil

Posted on July 14, 2017 at 2:51 pm GMT

The dollar tumbled against all majors after a set of disappointing US data releases. The dollar index fell to a fresh 10-month low of 95.25 immediately following the release. The weaker dollar boosted other majors as well as gold. Both US CPI and retail sales numbers for June came in short of expectations, pushing the dollar to 112.38 yen from 113.04. Headline CPI was weaker than estimated at 0.1% month-on-month in June, mirroring the prior increase of 0.1%. It was [..]

Oil prices stabilize but outlook bleak after producers fail to agree output freeze

Posted on April 18, 2016 at 10:19 am GMT

Crude oil prices were stable on Monday after opening sharply lower following unsuccessful talks in Doha on Sunday to cap output. Eighteen OPEC and non-OPEC nations met in the capital of Qatar yesterday to try to reach an agreement on a possible production freeze that would have lent support to oil prices, which have tumbled around 75% since mid-2014. Oil prices rallied 60% from their 2016 lows after major producers consisting of Saudi Arabia, Russia, Venezuela and Qatar announced a [..]

Oil rebound brings relief to markets but outlook remains uncertain

Posted on February 18, 2016 at 1:08 pm GMT

Crude oil prices extended their gains on Thursday as the deal announced between OPEC and Russia continued to provide support. On Tuesday, OPEC members Qatar, Venezuela and Saudi Arabia agreed with Russia, a non-OPEC member, to freeze output at January levels in a bid to halt the freefall in oil prices. Markets were initially disappointed with the outcome of the Saudi- and Russia-led talks in Doha as the deal did not involve any production cuts. There were also fears of [..]

Oil rout intensifies as Iran re-enters global oil market

Posted on January 18, 2016 at 11:40 am GMT

Oil prices extended their slide on Monday after the international community decided to lift sanctions on Iran over the weekend. The decision to ease sanctions against Iran comes after the International Atomic Energy Agency said in its report that Iran has fulfilled its obligations under last year’s nuclear accord that prohibits Iran from developing nuclear weapons. Analysts estimate that Iran will be able to raise production by 500,000 barrels a day immediately after the suspension of sanctions. This would add [..]

European Session – Oil benefits from upbeat sentiment as equity markets rally pre-holiday

Posted on December 24, 2015 at 11:35 am GMT

Currency markets have been subdued this week due to the holiday-shortened trading week but most of the focus was on the commodity markets and equities. An improvement in sentiment this week particularly helped oil process move higher. Brent crude oil, the international benchmark, and US West Texas Intermediate (WTI oil), both rose above $37 a barrel on Wednesday and consolidated these gains on Thursday. Meanwhile, China’s plans – announced on Monday – to unveil further stimulus to boost its sluggish [..]

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