Eliman Dambell
Tradeview Markets
On Monday, oil prices raced to their highest level in over 6-weeks as concerns over the supply of U.S. oil continued to impact the sector.
The cost of Crude has been surging in recent weeks, in the aftermath of Hurricane Ida, and the anticipation of further upcoming storms that could impact several pipelines in Texas.
WTI crude hit an intraday high of $70.97 in today’s session, a level it hasn’t traded at since August 4th.
All of this comes despite OPEC recently revising its 2021 demand forecast, expecting the recent surge in the Delta variant to lower the appetite for oil.
Many now expect that the price of WTI could be heading to its long-term resistance level of $77 per barrel.
Walmart shares down after Litecoin rumour rebuffed
Walmart shares were marginally down to begin the week, as the company rejected claims that it would soon accept Litecoin.
Over the weekend, it had been rumored that Walmart was on the verge of agreeing to accept LTC for in-store transactions, sending LTCUSD to climb by as much as 25% on the news.
The rumours were initially published by reputable news site, “GlobeNewsWire”, however the company moved to quickly remove the post once Walmart rejected the claims.
Prices of LTCUSD hit an intraday high of $236.12, however have fallen to $171.03 since.
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AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.