WTI

US Open Preview – European stocks join the rout; RBA policy decision next

Posted on February 5, 2018 at 12:33 pm GMT

Here are the latest developments in global markets: FOREX: The dollar index was little changed on Monday, last trading near the 89.10 level. Sterling/dollar was down more than 0.2%, pressured by the softer-than-anticipated UK services PMI for January. Dollar/yen fell nearly 0.3%, as the broader risk-off sentiment in equity markets strengthened the yen, which is typically regarded as a safe haven. Elsewhere, the aussie was 0.2% higher against the greenback ahead of the RBA’s policy decision, due at 0330 GMT on [..]

Are oil prices at risk of a “long squeeze”? – Commodity News

Posted on January 31, 2018 at 3:43 pm GMT

Oil prices have had a good run so far in 2018. WTI rallied 6.5% in just the first month of the year, boosted by a softer US dollar and declining crude inventories in the US. However, recent developments suggest that the positive sentiment surrounding the energy market may be on thin ice right now, and a near-term correction should not be ruled out. Oil is traded in US dollars. This implies that when the greenback depreciates, oil becomes more attractive [..]

Special Report – Oil makes a comeback, but will it last?

Posted on January 12, 2018 at 3:35 pm GMT

Oil prices rallied in 2017, with WTI finishing the year more than 12% higher as major OPEC and non-OPEC producers continued their efforts to rebalance the oil market by curbing their supply. Can this pattern persist in 2018, or will US shale producers ramp up their production in the face of higher prices, and take the wind out of the precious liquid’s sails? The oil market came closer to rebalancing itself in 2017, as a strengthening global economy fueled demand, [..]

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 [..]

European Session – Dollar sees some pressure as FOMC meeting gets underway

Posted on December 13, 2016 at 3:46 pm GMT

Market jitters over Fed policy pushed the US dollar down to the 115 yen level in Tuesday’s European session as the FOMC begins its 2-day meeting. The greenback slipped to 114.96 yen before rebounding back above 115 as investors grew nervous over the outlook for future Fed policy, while an expected rate hike of 25bps in the fed funds rate has been almost fully priced in by the futures market. The Federal Open Market Committee will publish its latest quarterly [..]

Forex News – Oil jumps 5% after first non-OPEC cut since 2001

Posted on December 12, 2016 at 4:43 pm GMT

Crude oil prices surged to 17-month highs on Monday after non-OPEC countries reached an agreement with OPEC members to cut oil output on Saturday. The deal is the first joint coordination between OPEC and non-OPEC states since 2001 and involves cutting output by 1.758 million barrels per day. It becomes effective as of January 1, 2017. OPEC members had already agreed on November 30 to cut the bloc’s output by 1.2 million bpd for the first time since 2008. It followed [..]

Technical Analysis – Commodities summer consolidation extends into September

Posted on September 20, 2016 at 12:39 pm GMT

Despite some large daily moves, commodities have largely stuck to a range during most of the summer as the big rally of the first half of the year has stalled. Among the major commodities, oil has been unable to surpass its June peak, while gold remains one of the most bullish even though it’s been in steady retreat since its July peak. Oil stuck in bearish mode WTI oil futures have been making lower highs since the January-June uptrend was [..]

Oil back in bull market but rally could already be fizzling out

Posted on August 22, 2016 at 1:16 pm GMT

Oil prices have seen an impressive rally of over 20% ever since reports of fresh efforts to revive talks for a production freeze started emerging in early August. The latest rally reversed most of the declines since June when prices briefly broke above $50 a barrel. The six-month long uptrend from January to June that took prices to near one-year highs was partly driven by supply disruptions and declining US output, and partly by the failed negotiations in April to [..]

Technical Analysis – Oil bearish after fall below key $40 support for first time in 3 months

Posted on August 2, 2016 at 7:18 am GMT

WTI oil fell below the key $40 a barrel level on Monday for the first time since April. The break below the 200-day moving average accelerated the decline. Prices have stabilized today just above $40 but the bias remains to the downside. RSI is trending down and is in bearish territory but as it is approaching oversold levels at 30, there could be some consolidation in the near term. Just below the $40 level lies the 50% Fibonacci retracement level [..]

Crude oil under renewed downside pressure as oversupply worries resurface

Posted on July 26, 2016 at 2:25 pm GMT

Crude oil prices have come under increased selling pressure in recent days as worries about the oversupply in the market have resurfaced. Despite a series of disruptions to supply in recent months which pushed prices to fresh yearly highs in June, concerns that demand has not picked up as fast as had been expected have led analysts to re-assess their outlook. US crude fell to its lowest since 2003 back in February this year, touching a low of $26.05 a [..]

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