WTI softer in the open as traders await OPEC+ talks to resume

WTI starts off the day on the offer as traders await news from OPEC.
The price of oil is a touch lower, -0.12% and trades between 75.00/0.7520 for the open.

Ross J Burland FXStreet

OPEC’s alliance has been put to the test in recent days.

The latest updates with regards to the talks that are dragging on and after the United Arab Emirates blocked a deal have been the Saudi's Energy Minister's comments.

He has said that if there's no deal, then there will be no oil output hike in August.

He told Al Arabiya TV if other countries had previous reservations then he asks why didn't issue their concerns before?

Overall, he is not optimistic nor pessimistic regarding the next OPEC plus meeting.

However, ahead of the negotiations due to take place today, he says a little compromise and rationality can make tomorrow's meeting successful.

Meanwhile, on Friday, WTI was at $75.10 and was marginally higher by just 0.12% into the closing bell on Wall Street. The price was rallying from a low of $74.44 to a lower high of $75.58 after posting a fresh cycle high the prior day.

WTI was on track for a 1.5% rise for the week, with the US crude market expected to tighten as refinery runs pick up to meet recovering gasoline demand.

WTI

Overview
Today last price	74.68
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	74.68

Trends
Daily SMA20	71.97
Daily SMA50	68.01
Daily SMA100	64.82
Daily SMA200	55.37

Levels
Previous Daily High	75.07
Previous Daily Low	73.92
Previous Weekly High	75.7
Previous Weekly Low	71.69
Previous Monthly High	74.17
Previous Monthly Low	66.78
Daily Fibonacci 38.2%	74.63
Daily Fibonacci 61.8%	74.36
Daily Pivot Point S1	74.04
Daily Pivot Point S2	73.41
Daily Pivot Point S3	72.9
Daily Pivot Point R1	75.19
Daily Pivot Point R2	75.7
Daily Pivot Point R3	76.33

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.

AUD/USD keeps range near mid-0.7100s as USD bulls await US CPI

AUD/USD steadies near mid-0.7100s in the Asian session on Friday, stalling the previous day's sharp decline to an over one-week low. The August PPI report reaffirmed Fed rate-hike bets and boosted the US Dollar on Thursday, which weighed heavily on the pair. However, hawkish RBA expectations limited losses for the Aussie as USD bulls now await the release of the US consumer inflation figures before placing fresh bets.

USD/JPY holds lower ground toward 154.00; looks to US CPI

USD/JPY holds lower ground toward 154.00 in the Asian session on Friday after hot Japanese PPI data bolster a more hawkish BoJ repricing and provide fresh impetus to the Japanese Yen. However, the downside appears capped as the US Dollar preserves overnight gains ahead of the latest US consumer inflation data.

Gold: Gains remain capped by $4,400

Gold regains composure and trades with decent gains on Friday, managing to refocus attention on the $4,440 mark per ounce troy. Therefore, the precious metal reverses Thursday’s decline as the US Dollar alternates gains with losses at the end of the week.

Ripple Price Forecast: XRP extends decline as returning ETF inflows fail to lift outlook

Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.

Weekly focus – The hawks set the tone

Risky assets came under pressure this week as energy prices kept creeping higher and the ECB surprised the markets with a hawkish tone. The price of Brent crude touched USD 110 per barrel on Thursday night, highest since mid-May, as news emerged that the Yemeni Houthis had reached control of key port cities and islands near the Bab el-Mandeb strait.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.