oil

Recent oil price spike uncertain to hold as supply remains high

Posted on May 18, 2015 at 1:43 pm GMT

Crude oil prices have staged an impressive recovery this year as Brent Crude price has risen from the January low of $46.59 per barrel to around $66 per barrel in May. This is a jump of about 44% in the space of four months but prices remain well below the peaks above $110 per barrel seen between 2011 and 2014. Much of the fall in prices is attributed to oversupply and lower than expected demand. The US has seen a [..]

Forex News – Oil briefly rises above $54 but will it sustain rally?

Posted on February 4, 2015 at 2:11 pm GMT

Oil prices rallied sharply on Tuesday to rise above $54 a barrel, peaking at $54.20, which is the highest level so far this year. Since hitting a 6-year low of $43.57 on January 29, prices are up more than 20%. The question is whether oil prices are finally on the rebound after having declined for over 7 months, as prices dropped steeply from the June 2014 peak of $107.45. Some analysts say the recent rally will weaken, given that there [..]

Technical Analysis: Oil, Daily: Overextended down-move searches for reaction

Posted on January 13, 2015 at 9:42 am GMT

The huge downward move in oil prices has surprised many market participants during the past few months. From 107 dollars a barrel in late June of 2014, crude oil has in the spate of a few months dropped almost 60%, below 45 dollars. The ferocious downmove has been attributed to oversupply and it is well known that oil production is not easy to suspend once the high fixed upstart costs are paid. Therefore, it may take months of low prices [..]

FX Daily Outlook

Posted on December 16, 2014 at 9:59 am GMT

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European Session – Dollar reverses recent rallies in risk averse market

Posted on December 9, 2014 at 2:27 pm GMT

Risk aversion dominated market sentiment on Tuesday, supporting safe haven assets like the yen and gold. There were no tier one economic data releases to give currencies a specific direction, leaving he dollar mixed against its various counterparts. Consequently, most of the rallies made by the greenback were reversed, particularly against the yen. The dollar hit a new 7-year high of 121.84 on Monday and has since fallen to 119.56 going into the US session on Tuesday. A lack of [..]

Technical Analysis – Oil crashes below $70

Posted on November 28, 2014 at 8:20 am GMT

Crude oil prices tumbled on Thursday, taking out the key psychological $70 level to hit a new 4-year low of $67.74. Prices found support at the base of the bearish channel. The market is oversold right now as indicated by the stochastic and RSI so consolidation or a short covering rally is expected before resuming the downtrend. Potential gains would be limited by resistance seen at 78.00. From there crude prices should be pushed further lower as the overall trend [..]

Forex News – Oil tumbles as OPEC decides not to cut output

Posted on November 27, 2014 at 3:29 pm GMT

Oil prices tumbled below $75 dollars on news reports that ministers from the Organization of the Petroleum Exporting Countries (OPEC) decided to leave oil output unchanged. Brent crude oil dipped to a fresh 4-year low of $74.36 a barrel just before 15:00 GMT on Thursday following comments made by Saudi Oil Minister Ali al-Naimi who broke the news of OPEC’s decision after a 5-hour meeting in Vienna today. Meanwhile, US crude oil fell to $71.50. “That is right,” Naimi told [..]

Technical Analysis – Oil in firm downtrend eyeing move lower

Posted on November 6, 2014 at 9:44 am GMT

The price of sweet blend crude in the United States has fallen below the $80 level which could signal the reduction in production from certain of the costlier methods of oil production. Oil has been in a downtrend since early June, dropping from the 107 level all the way down to 75.90 – a drop of more than 30 dollars in 5 months. Having dipped to 75.90, it has managed to rebound to its present 78.60 level. All the moving [..]

Forex news –Oil drops to more than 2-year low on strong supply, weak demand growth and rising dollar

Posted on October 15, 2014 at 1:35 pm GMT

The price of light sweet crude oil was wrestling with the 80 dollars a barrel level, its lowest since June of 2012 as three factors have combined lately to push its price down. Oil is around 25% off its peak above 107 dollars registered in early June this year. This development could appear surprising at first, given all the geopolitical uncertainty and conflict surrounding key oil-producing countries and regions such as Russia and the Middle East. The first of the [..]

European Session – Global growth concerns hurt oil prices, euro weak after Draghi

Posted on October 10, 2014 at 1:23 pm GMT

A volatile week in the currency market concluded with risk currencies ending lower and the safe haven yen being the best performer against the majors. The dollar also inched higher but was still on course to end a record-long rally with its first weekly fall in three months. Against the yen, the dollar traded sideways just below the key 108.00 yen level today. A combination of factors contributed to risk aversion, which included concerns about a slowdown in growth in [..]

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