Oil Prices Slip on Inventory Build & IEA’s Upgraded Supply Outlook
USOil rejected key resistance after a big increase in US inventories and the heightened 2024 supply growth forecast by the International Energy Agency
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USOil rejected key resistance after a big increase in US inventories and the heightened 2024 supply growth forecast by the International Energy Agency
Oil prices rose last week as western commercials vessels continued to be attacked in the Middle East, while a hit against US outpost in Jordan resulted to three fatalities
USOIL is pushed higher as Iranian warship sails into the Red Sea, after the US Central Command sank multiple Houthi boats for attacking commercial ships
The commodity stopped the seven-week losing streak with the help of the Fed’s rate cut talk, but still faces headwinds COP28 committed to transitioning away from fossil fuels and IEA expects slower oil demand growth in 2024
The commodity runs its worst losing streak in five years, despite the new OPEC+ supply cuts, but finds some support, helped by the US effort to replenish its Strategic Petroleum Reserve (SPR)
Markets were unimpressed by last week’s voluntary supply cuts by Saudi Arabia, Russia and other OPEC+ members, sending oil prices lower
XAU/USD hit new record highs on Middle East concerns and greenback decline after Friday’s speech by Mr Powell boosted market optimism for rate cuts by the Fed
The organization of oil exporting countries and allies such as Russia, agreed yesterday to curb output by another 2.2 mbpd for the first quarter of 2024 on top of previously agreed cuts
Gold has charted a higher trough followed by a higher peak on the significant weekly timeframe. This puts the precious metal into a defined uptrend on its weekly chart. XAUUSD is trading around $2,040, which is near six-month highs.
Copper is trading at a down sloping green trendline on its weekly chart at 1. It is also facing the challenge of overcoming its black 30-week EMA (2). The base metal’s RSI has popped above 50 at 3, which is the bullish side of the indicator. It will be interesting to see if it can hold above 50 because below has been the norm since April (blue rectangle). If it…
Gold is currently trading around $1,990. The $2,000 level (red horizontal) is proving to be a significant psychological resistance level for XAUUSD. However, there are signs that the precious metal is preparing to break above this.
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