Resisting the steady increase in US oil inventories over the past two weeks, oil prices are losing momentum, as headlines about the year-long trade dispute between the United States and China has prompted investors to divest themselves of risky investments. Oil prices have turned down from 6-months high, with Brent crude trading below 70 (-1.75%), West Texas Intermediate at 60.80 (-1.80%) and finally Shanghai futures at CNY 471 (-2.80%). Yet it seems that despite recent tweet from US president Donald Trump about potential tariffs hike, the situation has not changed. OPEC output cut is still in place while major supply shortages related to Iran, Venezuela, Nigeria or Libya are still in place. It is therefore to consider that positive headlines concerning US – China trade talks should again benefit oil prices.

US EIA crude oil inventories for the week ended 26 April have been pointing to a rise of 9.93 million, its highest level since November 2018 while total production reached a record of 12.3 million bpd.


 

Stay on top of the markets with Swissquote’s News & Analysis

 


Currently trading at 60.80, WTI is heading along 61.50 as buying pressures are emerging.

This report has been prepared by AC Markets and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by AC Markets personnel at any given time. ACM is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD extends slide, nears the 1.1200 figure

The shared currency is suffering from speculation the ECB will steepen easing and German Business Sentiment falling by more-than-anticipated. Upbeat US Retail Sales sent the pair further down toward the 1.1200 figure.

 

EUR/USD News

GBP/USD collapsed to fresh 2019 lows

Robust employment data fell short of supporting the Pound, badly hurt from mounting fears about a hard-Brexit, after PM’s candidates, Johnson and Hunt said that the Irish backstop is “dead” and would seek for a new daily, something the EU is not willing to do.

GBP/USD News

USD/JPY: risk sentiment skews the pair to the downside

Political and economic turmoil in Europe weighed on the market’s sentiment. US Retail Sales seen posting a modest advance in June. USD/JPY to resume its decline if the 107.70 support gives up.

USD/JPY News

Gold in search of a firm direction, stuck in a range ahead of US data/Powell

Gold lacked any firm directional bias and seesawed between tepid gains/minor losses through the mid-European session on Tuesday.

Read more

Gold keeps the red near $1410 level ahead of Powell’s speech

Gold finally broke down of its consolidative trading range and tumbled to fresh session lows, below $1410 level during the early North-American session.

Gold News

Majors

Cryptocurrencies

Signatures