oil

Daily Market Comment – Risk aversion creeps in as virus death toll jumps

Posted on February 7, 2020 at 9:27 am GMT

Equities rally fades as spread of coronavirus shows no sign of slowing Yen edges up but dollar also holds firm ahead of US jobs report Pound set for large weekly losses amid Brexit brinkmanship Virus fears intensify; risk rally loses steam The relief rally sparked by China’s efforts to contain the coronavirus and support its economy appeared to run out of steam by the end of the week as most major stock indices in Asia turned red on Friday. Futures [..]

Daily Market Comment – Markets hold steady but virus risks linger; oil up as OPEC+ considers output cuts

Posted on February 5, 2020 at 9:33 am GMT

Stocks extend rebound but caution keeps gains in check Yen and gold edge back up as coronavirus death toll continues to rise OPEC+ holds technical meeting to discuss fresh cuts to output amid virus impact Markets remain calm but growth worries persist This week’s cash injection by Chinese authorities and pledges of additional stimulus if needed to stabilize the economy from the disruptions caused by the coronavirus outbreak helped maintain calm in financial markets on Wednesday. Stocks in Asia headed [..]

Technical Analysis – WTI futures remains bearish despite recent pullback

Posted on January 28, 2020 at 9:21 am GMT

WTI oil futures appears to be sustaining its very short-term bearish picture despite the oscillators currently reflecting an improvement in positive momentum. Further aiding the move south are the downward sloping 20-, 50- and 100-period simple moving averages (SMAs) and their bearish crossovers of the 200-period SMA. The MACD has climbed above its red trigger line deep in the negative zone, while the RSI, currently in the oversold territory, is flirting with the 30 level. Noteworthy though, is the restrictive [..]

Daily Market Comment – Markets turn cautious ahead of trade deal signing as Mnuchin dashes hopes of further tariff cuts

Posted on January 15, 2020 at 9:10 am GMT

Risk appetite eases as details of ‘phase one’ trade deal expected to reveal few surprises US Treasury Secretary Steven Mnuchin suggests no additional tariff rollbacks before ‘phase two’ Stocks slip into the red, yen and franc edge up Market mood dampened ahead of trade deal signing The highly anticipated signing of the ‘phase one’ trade pact between the United States and China will take centre stage later today but with the deal already fully priced in by investors, the event [..]

Technical Analysis – WTI oil futures flirt with supportive line; look oversold

Posted on January 14, 2020 at 10:42 am GMT

WTI crude oil futures recorded a significant downfall over the past six days after they found strong resistance at the eight-month high of 65.60 last week. Currently, the price is flirting with the ascending trend line around the 57.70 support level, supposing a possible rebound on it or a breakdown. The negative slope in the RSI, which falls comfortably below its 50 neutral mark, and the downfall of the MACD near its zero line, they are painting a bearish picture [..]

Technical Analysis – WTI oil futures hover above SMAs in positive outlook

Posted on January 7, 2020 at 11:13 am GMT

WTI crude oil futures have been making higher highs and higher lows since October 2019 and yesterday the price touched a fresh eight-month high of 64.72, although it ended the day in the red. Today, the oil price is trying to recover some of the losses, remaining above the short-term simple moving averages (SMAs). The momentum indicators in the 4-hour chart are currently supporting that positive momentum is likely to strengthen in the short-term. Specifically, the stochastic oscillator is picking up speed above [..]

Daily Market Comment – Oil jumps, Mideast tensions rise after US air strikes kill Iranian commanders

Posted on January 3, 2020 at 9:15 am GMT

Tensions flare up in the Middle East after US air strikes kill Iran’s top military leader Oil prices shoot higher, stocks turn negative after the attacks Gold hits 4-month high, yen and Swiss franc soar US air strikes kill risk-on mood Heightened geopolitical tensions threatened to destroy the risk-on sentiment that’s been driving the markets since December after the United States launched air strikes in Iraq, killing top Iranian military officials. The US Defense Department said President Trump had ordered [..]

Technical Analysis – WTI oil futures bulls look exhausted below 3½-month peak

Posted on January 2, 2020 at 12:10 pm GMT

WTI oil futures for February delivery dived beneath the three-and-a-half-month high of 62.33 reached on December 30 and the momentum seems to be weak. The price has remained within a bullish wave since October and it touched the upper boundary several times over the last two weeks. The location of the RSI, which maintains a negative slope below its 70 mark, keeps the very short-term bias in neutral-to-bearish territory. Moreover, the MACD oscillator declined below its red trigger line, suggesting a negative move, while the price dropped below the [..]

Technical Analysis – WTI oil futures extend upside above 60 level

Posted on December 17, 2019 at 8:28 am GMT

WTI oil futures for January delivery continued their upside trajectory on top of the 60 level and closed marginally above the 50% Fibonacci of the 76.87-42.53 bearish wave on Monday. The location of the RSI, which maintains a positive slope comfortably above its 50 neutral mark, keeps the short-term bias in bullish territory. However, with the indicator approaching its 70 overbought mark, a slowdown in the price’s positive momentum cannot be ruled out. With the focus being mostly on the upside, traders will [..]

OPEC+ meeting: Are deeper production cuts on the cards? – Special Report

Posted on December 3, 2019 at 4:40 pm GMT

OPEC, Russia and other major oil producers will meet in Vienna on December 5-6 to decide what production quotas to set as the current arrangement to cap output is set to expire in March 2020. The club’s largest producer, Saudi Arabia, is pushing for deeper cuts. However, its key strategic partner – Russia – is unlikely to agree to anything more than an extension of existing limits. But as oil prices aim to finish the year more than 20% higher, [..]

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