WTI

European Session – Euro firms on strong business survey data; dollar eases

Posted on May 30, 2016 at 2:26 pm GMT

European currencies recovered from the day’s lows as the dollar eased from its earlier highs as the effect of Fed Chair Janet Yellen’s comments on Friday faded. However, activity was muted in thin trading due to UK and US markets being closed on Monday for a public holiday. The euro edged up to 1.1140 dollars in late European session, and the pound reclaimed the 1.46 level against the dollar. The Swiss franc also strengthened as the dollar slid to 0.9920 [..]

Asian Session – Dollar pares sharp gains; Oil approaching $50 at 7-week high

Posted on May 25, 2016 at 8:33 am GMT

The US dollar pared some of yesterday’s sharp gains when it rose on the back of solid US housing data. The dollar index climbed to a two-month high of 95.66 at the start of today’s Asian trading before easing to around 95.55 in late session. Strong gains in European and US equities on Tuesday helped risk appetite and Asian equities were also in positive territory today. The yen fell back as risk aversion faded but the currency was also weighed [..]

European Session – Dollar unmoved by weak GDP; Oil hits fresh 2016 high

Posted on April 28, 2016 at 2:13 pm GMT

The yen extended its gains at the start of European trading and was able to hold on to its gains in late session as traders digested the Bank of Japan’s surprise decision not to expand monetary stimulus contrary to market expectations. The dollar meanwhile was stuck near the day’s lows as weak GDP numbers confirmed that the US economy went through a soft patch in the first quarter. The greenback hit a low of 107.91 yen earlier in the European [..]

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 [..]

FX Daily Outlook| 21-12-15

Posted on December 21, 2015 at 10:50 am GMT

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Asian Session – Oil rout continues as Brent Crude falls to 11-year low

Posted on December 21, 2015 at 8:21 am GMT

Oil prices continued their descent on Monday as production remains near record levels and signs that US shale producers are withstanding the current slump in prices. The number of active oil rigs in the US rose last week adding to the supply glut that has been made worse by expectations that Iran will return to the market next year. Brent crude futures hit an 11-year low today of $36.17 per barrel, while WTI oil futures were trading near 6-year lows [..]

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