WTI firm above daily resistance, eyes on OPEC+

US oil was slightly higher on Monday in thinner trade.
Traders will look to today's OPEC + meeting.

Ross J Burland FXStreet

WTI was 0.43% higher on Monday following a rally from a low of $66.43 to a high of $67.38.

Brent crude futures settled up 60 cents, or 0.9%, at $69.32 a barrel, off the session high of $69.82. WTI rose 0.9% and last traded at $66.91 a barrel. Both contracts were set for a second monthly gain.

There is increased optimism that fuel demand in the vacation season will grow in the next quarter.

Today's OPEC+ meeting will be the focus for the sessions ahead.

OPEC+ is expected to stay the course on plans to gradually ease supply cuts until July. A Joint Technical Committee (JTC) for the alliance kept its global oil demand growth forecast for 2021 unchanged at about 6 million barrels per day, two sources from the group told Reuters on Monday.

Overall, analysts expect oil demand growth to outstrip supply despite the possible return of Iranian crude and condensate exports. Iran has been in talks with world powers since April with respect to the 2015 nuclear pact.

WTI technical analysis

Bulls have been chipping away into the daily resistance and printed a fresh daily high of 67.49 on Friday which opens risk to a continuation for the week ahead.

Meanwhile, a break of daily support will open prospects of a deeper correction to the 38.2% Fibonacci of the weekly bullish impulse comes in at 64.97.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD: US Dollar comeback in the makes?

The US Dollar stands victorious at the end of another week, with the EUR/USD pair trading near a four-week low of 1.1742, while the USD retains its strength despite some discouraging American data released at the end of the week. The pair edged higher on Friday, after the United States Supreme Court ruled against President Donald Trump's tariffs, although the advance is not enough to change the latest USD flow.

GBP/USD braces for more pain, as 200-day SMA tested

GBP/USD broke the previous week’s consolidation to the downside, as sellers returned with pomp, smashing the major back toward the levels last seen in late January. The pair tested bids below the 1.3450 barrier as the US Dollar strength largely played out throughout the week, while the Pound Sterling stepped back on expectations of divergent monetary policy outlooks between the Bank of England and the US Federal Reserve.

Gold rises to near $5,100 as Trump’s tariffs boost haven demand, US-Iran talks eyed

Gold price edges higher to near $5,095 during the early Asian session on Monday. The precious metal extends the rally amid US President Donald Trump’s tariff threats and uncertainty, boosting safe-haven flows.

Week ahead: Markets brace for heightened volatility as event risk dominates

Dollar strength dominates markets as risk appetite remains subdued. A Supreme Court ruling, geopolitics and Fed developments are in focus. Pivotal Nvidia earnings on Wednesday as investors question tech sector weakness. Yen and aussie diverge; both pound and euro could recoup their losses.

Broadening drivers of growth: Unpacking GDP and looking ahead

This week’s data delivered a familiar theme with an important twist. The U.S. economy continues to be shaped by powerful forces in high-tech and AI-related investment, but recent releases suggest the growth story may finally be broadening. At the same time, trade flows are moving in a less supportive direction, reminding us that not all parts of the economy are pulling in sync.

Ripple bulls defend key support amid waning retail demand and ETF inflows

XRP ticks up above $1.40 support, but waning retail demand suggests caution. XRP attracts $4 million in spot ETF inflows on Thursday, signaling renewed institutional investor interest.