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WTI Crude Oil Futures Retreat Following The Pullback On 3½-Year High Of 70.80

West Texas Intermediate (WTI) crude has advanced considerably and recorded a fresh three-and-a-half-year high of 70.80. The price retreated after the bounce off the mentioned level and the short-term technical indicators are endorsing the scenario for a potential bearish retracement. Looking at momentum indicators, in the 4-hour chart, the RSI...

Dollar Little Changed, Trump’s Iran Decision In The Spotlight

Here are the latest developments in global markets: FOREX: The US dollar index, which gauges the greenback's strength against a basket of six major currencies, was practically flat on Tuesday ahead of a speech by Fed Chair Jerome Powell at 0715 GMT. It touched its highest level in five months...

Oil At Four-Year High Ahead Of US President’s Iran Deal Announcement

During yesterday's trading session Crude Oil WTI rose above $70 for the first time since 2014, as US President Trump announced that he would reveal his decision on the Iran Deal today at 18:00 GMT. The indications are that he will withdraw from the agreement, calling it one of...

Dollar and Yen Staying Near Term Bullish Against Euro, With Weaker Momentum

The forex markets are basically staying in recent trends, but with weaker momentum. Dollar extended the rally against Euro and Swiss Franc, but it's kept in tight range against Sterling, Aussie and Loonie for the momentum. Yen, is broadly higher today, with EUR/JPY dipping through last week's low. But...

Markets Caught Between Opposing Forces

Equity Markets US equities finished mostly higher but of their tops as energy shares started to take profits following a Presidential Tweet promising to announce his decision on the Iranian nuclear deal Tuesday at 14:00 EST. WTI retreated from 3-year highs, and equities appear to have echoed that weakness. Despite...

Oil Topped Above $70 | Gold’s Price Dances On The Dollar Index Move

Hedge funds and money managers have trimmed their long position Traders have pushed the oil price higher due to the geopolitical concerns Traders are taking every opportunity to buy the dollar index, the index has made its strongest level for the year today and we believe that the trend...

Traders were Bearish on Precious Metals While Stayed Mixed on Energy

Speculators were mixed over the energy complex in the week ended May 1. Net LENGTH for crude oil futures plunged -21 696 contracts from a week ago to 690 727. NET LENGTH of heating oil rose +4 341 contracts to 26 997 while net LENGTH for gasoline dropped -1 940 contracts...

US Crude Oil Inventory Increased Much More Than Expected

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks jumped +5.36 mmb (consensus: +0.74 mmb) to 1187.73 mmb in the week ended April 27. Crude oil inventory soared +6.22 mmb to 435.96 mmb, amidst increases in 3 out of 5...

WTI Crude Oil Futures Remain Under Pressure; Creates Narrow Range in Near Term

WTI futures have been holding within a consolidation area since April 18 with upper boundary the 69.35 resistance level and lower boundary the 67.10 support, while the 20- and 40-simple moving averages in the 4-hour chart are acting as a strong mid-level of the channel. In the short-term, the...

Oil Ticks Higher As Dollar Bulls Remain In Charge

When oil markets are headed towards rebalancing, any shocks due to supply shortage may lead to a huge spike in prices. Brent prices fell on Tuesday to a low of $73.47, indicating that $75 may be a short-term top. This was before Israeli Prime Minister Benjamin Netanyahu's intervention, who...

Shaky Shaky

Shaky Shaky Holiday thinned trading conditions in Singapore and the rest of Asia today suggests liquidity will be tight. However, with headline riks evolving, traders will remain ever so vigilant. Global equity sentiment remains a bit shaky as concerns over rising commodity prices and higher interest rates continue to suggest lower...

Pound Takes A Swan Dive After Q1 GDP Data

Friday April 27: Five things the markets are talking about Overnight, global equities have nudged a tad higher, supported by a plethora of strong earnings results in the tech sector mostly. The market has also been keeping an eye on the historic meeting between North Korea’s Kim Jong-un and South Korea’s...

Euro Softens Ahead Of ECB Decision, Draghi In Focus

There is a growing air of anticipation across financial markets ahead of the European Central Bank rate decision and press conference later in the day. Although the ECB is broadly expected to keep monetary policy unchanged in April, the main focus and potential action will probably revolve around Draghi’s post-meeting...

Markets Consolidate This Morning After Recent Volatility

Markets were choppy yesterday as 10-year US notes went above 3%, but after creating new lows for the week, stock markets rallied with much of this move extending into the Asian session. The USD strengthened further, with USDJPY reaching the key 109.500 level and GBPUSD consolidated under 1.40000. The...

Crude Oil and Gasoline Inventories Surprisingly Increased

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks gained +1.39 mmb to 1182.36 mmb in the week ended April 20. Crude oil inventory added +2.17 mmb to 429.74 mmb, amidst increases in 3 out of 5 PADDs. The market...

Dollar Hovers Near 4-Month Highs, Raft Of Corporate Earnings Due

Here are the latest developments in global markets: FOREX: The US dollar index is 0.2% higher today, hovering just below its four-month high posted earlier in the week, as the continued rise in longer-term US bond yields has breathe some life back into the world’s reserve currency. Both the aussie...

How is US Yield’s Breach of 3% Related to Recent Crude Oil Rally?

The two most astonishing features in the financial market over the past week were soaring US Treasury yields and crude oil prices. After making a fresh 4-year high last Friday, the 10-year yield extended gains and eventually broke above 3% this week. Meanwhile, both crude oil benchmarks rallied to...

Dollar Fights for Throne, Euro Wobbles While Oil Rises

The story behind the Dollar’s incredible appreciation in recent days continues to revolve around rising U.S bond yields and easing geopolitical risks. Market expectations of higher U.S interest rates have also played a leading role in the Greenback’s resurgence, with the DXY marching to levels not seen in over three...

WTI Crude Oil Futures Stands Near 3-Year High, Bullish Bias In Near Term

WTI futures have reversed back up again after finding support at the 67.10 barrier achieved on Monday. The price completed two straight bullish weeks and is approaching the three-year high of 69.52. The bullish picture in the short term is further supported by the technical indicators. In the 4-hour chart,...

Trader were Largely Bullish on Energy and Precious Metals

Speculators were bullish over the energy complex in the week ended April 17. Net LENGTH for crude oil futures jumped +21 051 contracts from a week ago to 728 131. NET LENGTH of heating oil rose +8 258 contracts to 22 989 while net LENGTH for gasoline gained +4 245 contracts to...

Dollar Dominated the Markets as Treasury Yields Could be Reversing Multi-Decade Down Trend

Dollar ended broadly higher last week as boosted by surge in treasury yields. 10 year yield finally completed its consolidation that started back in February, and rose through 2.943 high to close strongly at 2.951. That came with the background that recent comments from Fed officials affirmed its gradual...

Oil Bulls Unlock Fresh Three-Year Highs

Here are the latest developments in global markets: FOREX: Sterling tumbled to a five-day low against the greenback (-0.06%) on Thursday during the early European afternoon as UK retail sales recorded their biggest fall in a year. This follows a strong sell-off on Wednesday when the UK CPI dropped surprisingly...

Dollar Supported By Higher Yields

Thursday April 19: Five things the markets are talking about Euro equities are struggling for traction after two consecutives session of gains while Far East bourses rallied to new monthly highs on investor optimism over global growth. Most commodities prices have gained as metals including aluminum and nickel extended their...

Oil Prices Extend Rally as US Inventories Unexpectedly Declined

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks slumped -10.58 mmb to 1180.97 mmb in the week ended April 13. Crude oil inventory dropped -1.07 mmb to 427.57 mmb, amidst decreases in 3 out of 5 PADDs. Stockpile in...

WTI Crude Oil Futures Trades Below 3-Year High, Possibility Of Bearish Retracement

WTI crude oil futures have been underperforming in the past few hours after the pullback from the more than three-year high of 67.73. When looking at the bigger picture the price has been developing within an ascending move since February 9, retesting several times the diagonal trend line. The...

Crude Oil Price Remains In Uptrend Above $65.40

Key Highlights Crude oil price moved higher this past week and settled above $65.00 against the US dollar. There was a break above a crucial declining channel with resistance at $63.80 on the 4-hours chart of XTI/USD. The US Retail Sales in March 2018 increased 0.6% (MoM), more than...

Oil Prices Gained for Three Days in a Row, Despite Inventory Build

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks soared +5.97 mmb to 1191.55 mmb in the week ended April 6. Crude oil inventory gained +3.31 mmb to 428.64 mmb, amidst increases in 4 out of 5 PADDs. Stockpile in...

Fresh selling in USD after Saudi Arabia intercepted missiles over Riyadh, CAD follow oil higher

USD suffers another round of selloff after report that Saudi Arabia intercepted missiles over Riyadh after at least three blasts were heard in the city. WTI crude oil surges to as high as 66.82. It remains to be seen if it can sustain above key resistance level at 66.66....

Oil price surges as Syria decision imminent

Brent crude oil surged above 70 yesterday partly as USD depreciated. But more importantly, Trump's decision on Syria in imminent as geopolitical tensions in the Middle East escalates. Similar picture is seen in WTI crude oil. As seen in the continuation chart, WTI drew strong support from 55 day EMA...

Crude Oil Prices Supported by Inventory Draw and Russia’s Pledge to Fully Comply with Output Cut

Crude oil prices climbed higher for the second consecutive day as a report showing unexpected expected decline in US inventory. Meanwhile, Russia pledged that it would fully comply with the output cut deal this month. However, caution is advised over the promise as Russian oil output has reached the...