oil

Asian Session – Oil in retreat as Kuwait strike ends; aussie and kiwi pull back

Posted on April 20, 2016 at 8:56 am GMT

Oil prices slipped back on Wednesday after the Kuwaiti oil strike came to an end on Tuesday. Workers in Kuwait’s oil industry had been on a three-day strike over pay, causing a major disruption to the country’s production of crude oil. The cut in output had provided a temporary support to oil prices on Monday and Tuesday after talks between major producers to freeze production had ended unsuccessfully. WTI oil futures were down over 2% at $41.55 a barrel in [..]

European Session – Sterling outperforms, dollar hurt by soft US housing data

Posted on April 19, 2016 at 2:40 pm GMT

There was improved risk appetite in the currency markets today, amid another day of rising oil prices. The yen weakened, while sterling outperformed along with the oil-linked Canadian dollar. Oil prices rose with the help of another day of strikes by Kuwaiti oil workers. Today was the third day that thousands of oil workers stopped production of oil to protest the Kuwait government’s plan to cut their wages. Kuwait is OPEC’s third largest oil producer with deposits making up to [..]

Stock market rally despite oil deal collapse could reinvigorate US dollar at some point

Posted on April 19, 2016 at 9:52 am GMT

The collapse of the deal to freeze oil output at the Doha meeting on Sunday came as a big surprise to market participants, as major producers such as Russia and Venezuela had invested significant efforts and political capital into it. In the end, it looked like Saudi Arabia was still not on board, as they blamed their foe Iran for not signing up to the deal but this might have been just a pretext for the Saudis to keep the [..]

FX Daily outlook|19-04-16

Posted on April 19, 2016 at 8:59 am GMT

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Asian Session – Risk-on drives commodity currencies higher but dollar muted

Posted on April 19, 2016 at 8:13 am GMT

Commodity currencies extended yesterday’s gains into Tuesday’s Asian session as oil prices recouped most of their losses following the failure of talks on Sunday by major producers to limit supply. US oil futures recovered from Monday’s low of $37.59 a barrel to climb to $40.34 a barrel in Asian trading today. The Australian dollar rose to a 10-month high of 0.7802, while the New Zealand dollar also climbed to its highest since June 2015 to break above the 0.70 level [..]

European Session – Oil off post-Doha lows, dollar back above 108 yen

Posted on April 18, 2016 at 1:59 pm GMT

The post-Doha tumble in oil prices and risk assets seemed to have levelled off in the European session. Oil prices stabilized after dipping at the open in Asia on Monday, when US crude oil futures touched as low as $37.61. Prices bounced 5% in the European session from the intra-day low to reach a session high of $39.52. The Canadian dollar fell in response to the slide in crude oil prices after markets were unsettled on news that oil producers [..]

Technical Analysis – US oil futures rebound from 1-wk lows

Posted on April 18, 2016 at 12:44 pm GMT

US oil futures plunged to a one-week low of 37.59 on Monday after major oil producers failed to agree on a production freeze. Prices quickly rebounded though to briefly peak at 39.52 but later settled just below 39 at the 23.6% Fibonacci retracement level of the upleg from 27.54 (January 20) to 42.47 (March 18). Today’s drop has eroded oil’s positive bias when prices were trading above the 200-day moving average. However, failure to break above the March 18 high [..]

FX Daily Outlook|18-04-16

Posted on April 18, 2016 at 8:04 am GMT

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Asian Session – Oil plunges after failure to agree production freeze; loonie and aussie tumble

Posted on April 18, 2016 at 7:36 am GMT

Market sentiment turned sour on Monday after talks on Sunday between 18 OPEC and non-OPEC countries taking part in negotiations to freeze output failed to produce an agreement. A deal was scuppered after OPEC’s largest producer, Saudi Arabia, refused to sign up to any agreement without Iran, which was not represented at the meeting. After only recently resuming exports, Iran is keen to see its output recover to pre-sanctions levels before agreeing to any production caps. Hopes now lie on [..]

European Session – Dollar comes under pressure after soft US data; oil falls ahead of Doha meeting

Posted on April 15, 2016 at 2:47 pm GMT

It was a strong week for risk assets but sentiment turned sour by the time the US session came around on Friday. Markets took on a cautious mode ahead of risk events over the weekend with important meetings of oil producers in Doha and an IMF meeting in Washington. Consequently investors took the opportunity for some profit-taking. Meanwhile, a series of US data today disappointed and the US dollar came under selling pressure against yen to fall to 108.80 yen. [..]

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