Malcolm Graham-Wood
Independent Analyst
Right at the last on Friday the bulls took strong charge as a bunch of technical factors helped sway the market upwards. WTI ended the week up $2.93 and Brent $3.27 only a touch more than Friday’s rise. With only 6 days to go until the Doha meeting there are various reports and speeches to be watched out for. The Russian Oil Minister started the ball rolling by suggesting that the start date of the freeze may be a moveable feast, perhaps not January,maybe April? There are many other questions, mainly centering around Iran’s position and whether they get a free ride to 4m b/d, Libya’s production if it can ever get back on its feet and of course how far the Saudis let all this go, after all the higher price at the moment comes with a commensurate increase in optimism in the US. It is worth reading Dan Yergins interview in the FT today, I tend to share his view on Opec, as I have said for some time, the Saudi stance was to take out all higher cost crude oil, in or out of Opec.
The rig count helped a bit, overall the number was down 7 at 443 units, while oil was down 8 at 354 units. This week sees the EIA, Opec and the IEA all produce their monthly reports, these and the inventory stats will shape the market more than usual.
The blog may be intermittent for the next 48 hours as I am away with a group in Gdansk.
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
EUR/USD clings to gains near 1.0700, awaits key US data
EUR/USD clings to gains near the 1.0700 level in early Europe on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
USD/JPY keeps pushing higher, eyes 156.00 ahead of US GDP data
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, recapturing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming intervention risks. The focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold closes below key $2,318 support, US GDP holds the key
Gold price is breathing a sigh of relief early Thursday after testing offers near $2,315 once again. Broad risk-aversion seems to be helping Gold find a floor, as traders refrain from placing any fresh directional bets on the bright metal ahead of the preliminary reading of the US first-quarter GDP due later on Thursday.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
Meta takes a guidance slide amidst the battle between yields and earnings
Meta's disappointing outlook cast doubt on whether the market's enthusiasm for artificial intelligence. Investors now brace for significant macroeconomic challenges ahead, particularly with the release of first-quarter GDP data.