2019-11-11 • Updated
Oil prices rose to $54.50 on Thursday having recovered from losses triggered by the increase of 1.57 million barrels in US crude inventories bringing total stockpiles to a record 535.5 million barrels. US crude production increased by 52K barrels to 9.2 million a day last week, according to the recent estimate of the Energy Information Administration.
The build in US stocks and revival of the US shale industry are bringing to naught OPEC-led efforts to reduce the global oil glut. But it seems that market participants don’t lose their faith in the OPEC. Oil prices surged significantly in past days due to these positive market sentiments. Market players will continue to focus their attention on the success in the negotiation over a further extension of production cut deal and the effects of the current agreement (some analysts believe that they will be evident as soon as a significant amount of crude is sold out of inventories. A formal decision on the extension/non-extension of the six-month output cut deal will probably be delivered on May 25, after the 172nd OPEC meeting.
In the short-term, the US data releases from the Energy Information Administration and rig count data from Baker Hughes will be the main drivers of the oil prices.
Brent crude futures spiked to $54.75 a barrel on Thursday, while U.S. West Texas Intermediate (WTI) crude futures rose to $51.45 a barrel.
Source: US Energy Information Administration
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Amid uncertainty driven by geopolitical events, oil prices surged to record highs. However, a correction in oil prices is observed with a gradual improvement in the situation in the Middle East and an increase in demand. The question facing investors is whether there are prerequisites for further price growth or if everything depends on the dynamics of the political landscape. In this article, we will explore the impact of recent events on the global oil market and the prospects for developing this crucial commodity sector.
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
