Malcolm Graham-Wood
Independent Analyst
Both WTI and Brent fell marginally on the week, on the month they were both off about a dollar but on the quarter it was much worse, coming in at around $15 below the end June prices. The news from the US on Friday was mixed as far as the oil price is concerned, the NFP numbers were well below expectations and the August number was also revised down genuinely surprising the market. One has to wonder how the cumulative brains trust at the Fed had managed to spoof the markets into thinking that the economy was capable of a rate rise, although according to guru Marcus Ashworth this morning some are still saying that it may still happen in December. The oil price likes a weaker greenback but is less happy that it is weak due to economic malaise particularly if the US economy is faltering and the employment, wage info and factory orders have all been disappointing.
The Baker Hughes rig count also helped the market, overall the number was down 29 units to 809 with oil rigs down 26 to 614 being the bulk of it with all major shale basins seeing reductions. News over the weekend is that Saudi Aramco has cut crude oil prices to its Asian clients by $1.70 p/b which takes it to a discount to the Dubai benchmark, it has also cut heavy oil prices by $2 a barrel.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
AUD/USD posts gain, yet dive below 0.6500 amid Aussie CPI, ahead of US GDP
The Aussie Dollar finished Wednesday’s session with decent gains of 0.15% against the US Dollar, yet it retreated from weekly highs of 0.6529, which it hit after a hotter-than-expected inflation report. As the Asian session begins, the AUD/USD trades around 0.6495.
USD/JPY finds its highest bids since 1990, approaches 156.00
USD/JPY broke into its highest chart territory since June of 1990 on Wednesday, peaking near 155.40 for the first time in 34 years as the Japanese Yen continues to tumble across the broad FX market.
Gold stays firm amid higher US yields as traders await US GDP data
Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data
The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.