Gold consolidates the recent pullback well above the $1800 mark, as the coronavirus vaccine hopes boost the equities and downs the greenback. Are gold bulls bidding up for a test of the multi-year highs?
The Bank of Canada will have a monetary policy decision this Wednesday, the first lead by new Governor Tiff Macklem. A couple of weeks ago he offered his first speech as governor, and reaffirmed that the primary mission of ...
WTI surrenders gains after facing rejection at key trendline hurdle. Fears that OPEC+ may ease output cuts look to be capping the upside. The black gold rose nearly 0.5% on Tuesday, as US crude inventories fell by 8.3 million barrels in the week to July 10.
Brent Oil (or Brent Crude) is a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide. It is extracted from the North Sea. Brent oil contracts in the ICE (Intercontinental Exchange) are quoted in US dollars. It is the benchmark used primarily in Europe though it is also mixed in with the OPEC Reference Basket which is used around the world. Brent blend makes up more than half of the world's globally traded supply of crude oil. Crude oil is the highest volume contract that is traded worldwide for a physical commodity.
USD/CAD, AUD/USD and NZD/USD are called “commodity pairs” because they are highly correlated to commodity (especially oil) fluctuations.
When making trading decisions in the commodity pairs, it might be a good idea to take a look at the correlated commodities because it can help to predict future up or down movements.
HISTORIC HIGHS AND LOWS FOR BRENT OIL
All-time records: Max:147.27 on 07/07/2008 - Min: 9.75 on 31/03/1986
Last 5 years: Max:86.71 on 03/10/2018 - Min: 26.08 on 11/02/2016
* Data as of February 2020
ASSETS THAT INFLUENCE BRENT OIL THE MOST
Commodities: Natural Gas.
Bonds: T-Bond (Treasury bond is a marketable, fixed-interest U.S. government debt security).
Indices: BRENT Index (the cash settlement price for the Intercontinental Exchange (ICE) Brent Future based on ICE Futures Brent index at expiry) and WTI (West Texas Intermediate is a grade of crude oil used as a benchmark in oil pricing, the underlying commodity of NYMEX's oil futures contracts).
ORGANIZATIONS, PEOPLE AND ECONOMIC DATA THAT INFLUENCE BRENT OIL
Weekly crude inventories (that represent the supply of oil) are very closely watched by traders, in particular those reported by the EIA (Energy Information Administration) and the API (American Petroleum Institute).
On the other hand, an important indicator of underlying oil demand growth is the world GDP growth rates (in periods of recession, the consumption of oil tends to fall).
On how supply (inventories) and demand affect the price of oil, we recommend you to watch this short video.
In terms of influent people and organizations for the brent oil, we highlight:
Mike Sommers is the 15th chief executive of the American Petroleum Institute (API) since its founding. API is the largest national trade association representing all aspects of America's oil and natural gas industry. Before being named API's president and CEO, Sommers led the American Investment Council, a trade association representing many of the nation's leading private equity and growth capital firms and other business partners.
Mohammad Sanusi Barkindo, OPEC’s Secretary General since August 2016. He previously served as Acting Secretary General in 2006, represented Nigeria on OPEC's Economic Commission Board during 1993–2008, led the Nigerian National Petroleum Corporation during 2009–2010, and has headed Nigeria's technical delegation to UN climate negotiations since 1991. The Organization of the Petroleum Exporting Countries is a permanent, intergovernmental Organization, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
US Oil & Gas Association, was founded in October 1917 in Tulsa, Oklahoma, following the United States’ entry into World War I. This trade association “promotes the well-being of the oil and natural gas industries in the United States”.
Vladimir Putin, who has served as the president of Russia since 2012, previously holding the position from 2000 until 2008.