IEA: Global supply and demand not forecast to balance until late 2018

Haresh Menghani FXStreet

Rising US shale output may lead to early 2018 oil supply surplus and global supply/demand not forecast to balance until late 2018, said the International Energy Agency (IEA) in its monthly oil market report, published this Thursday.

Key highlights:

• OPEC crude supply fell in November for the fourth consecutive month to 32.4m b/d,
• Leaves global oil demand growth forecast at 1.5 million bpd in 2017 and 1.3 million bpd in 2018
• Sees average call on OPEC crude at 32.5 million bpd in 2018 vs 2017 average output of 32.4 million bpd
• Non-OPEC oil supply to rise by 600,000 bpd in 2017 and 1.6 million bpd in 2018

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD keeps the bid bias just over 1.1800

EUR/USD has started the week on a positive foot, hovering around the 1.1800 region in the latter part of Monday’s session. The pair’s recovery comes on the back of a decent decline in the US Dollar, as investors keep their attention on the evolving US–EU trade relationship after President Trump’s announcement of sweeping global tariff hikes.

GBP/USD looks stuck around 1.3500 amid firm gains

GBP/USD is pushing further north on Monday, revisiting the 1.3500 hurdle and beyond. Cable’s uptick is largely being fuelled by the broader softness in the Greenback, amid lingering uncertainty around tariffs.

Gold advances to four-week highs, focus is on $5,200

Gold is holding onto its bullish tone on Monday, hovering near monthly highs well above the $5,100 mark per troy ounce. Fresh trade-war concerns, coupled with rising geopolitical tensions in the Middle East, are keeping demand for the yellow metal well on the rise.

Crypto Today: Bitcoin, Ethereum, XRP intensify sell-off as tariff uncertainty weighs

Bitcoin, Ethereum and Ripple are trading amid increasing selling pressure at the time of writing on Monday, as investors react to fresh trade uncertainty over US President Donald Trump’s push for more tariffs.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.