Brent Oil Exchange rate
Editors’ Picks
EUR/USD trades with negative bias, holds above 1.0700 as traders await US PCE Price Index
EUR/USD edges lower during the Asian session on Friday and moves away from a two-week high, around the 1.0740 area touched the previous day. Spot prices trade around the 1.0725-1.0720 region and remain at the mercy of the US Dollar price dynamics ahead of the crucial US data.
USD/JPY jumps above 156.00 on BoJ's steady policy
USD/JPY has come under intense buying pressure, surging past 156.00 after the Bank of Japan kept the key rate unchanged but tweaked its policy statement. The BoJ maintained its fiscal year 2024 and 2025 core inflation forecasts, disappointing the Japanese Yen buyers.
Gold price flatlines as traders look to US PCE Price Index for some meaningful impetus
Gold price lacks any firm intraday direction and is influenced by a combination of diverging forces. The weaker US GDP print and a rise in US inflation benefit the metal amid subdued USD demand. Hawkish Fed expectations cap the upside as traders await the release of the US PCE Price Index.
Sei Price Prediction: SEI is in the zone of interest after a 10% leap
Sei price has been in recovery mode for almost ten days now, following a fall of almost 65% beginning in mid-March. While the SEI bulls continue to show strength, the uptrend could prove premature as massive bearish sentiment hovers above the altcoin’s price.
US economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.
Majors
Cryptocurrencies
Signatures
BRENT OIL, ENERGY COMMODITY
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
- Currencies: USD.
- 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.