USOIL Slides after OPEC+ Delays Meeting
Oil prices slump today after the organization pushed back for next week its upcoming meeting, amidst hopes that further supply cuts could be considered
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Oil prices slump today after the organization pushed back for next week its upcoming meeting, amidst hopes that further supply cuts could be considered
The commodity made a strong start to the week as China looks to provide further support to the real estate market and troubled developer Sunac meets restructuring conditions
Oil is moving higher today, following an up day on Friday. This follows a report in the Financial Times suggesting that Saudi Arabia will extend its current output restrictions until the spring, whilst other OPEC members consider further cuts. The FT article, citing unidentified people familiar with the discussions, submits that OPEC is unhappy about the current trend of declining oil prices and the humanitarian conditions in Gaza. OPEC is…
Oil prices are under pressure. FCXM’s CFD for Brent, UKOil, and its CFD for WTI, USOil, have charted a lower peak (LP) followed by a lower trough (LT) on their respective weekly charts. This puts both instruments into a defined downtrend on a significant time scale. The market is worried about demand, and this has contributed to the weakness.
XAU/USD heads towards a profitable week and eyes the 2,000 mark, boosted by the soft US CPI report, after a limited correction
The commodity staged a turnaround with the help of supportive OPEC comments, but struggles to extend its recovery, despite cool US inflation and strong data from China
XAU/USD runs its second losing week as Middle East fears appear contained and the greenback finds support after the Fed-fueled slump
Copper rallied as economic data came in stronger over the course of last week. Core PCE continued to show a decline in inflation, albeit the decline is slowing. October flash PMIs were good with the flash manufacturing PMI moving above 50, signalling expansion and the flash services PMI remaining above 50. Q3 GDP came in hotter-than-expected at 4.9% vs 4.5% with Core Durable Goods also showing strength.
Using UKOil (FXCM’s Brent CFD) as a general reference, the heat that drove oil prices in August and September has declined. The stochastic, a measure of momentum, has dropped below 80 and is angled down (red rectangle). Last week’s candle looks to have charted a lower peak, hinting at the cooling down in the energy market. However, to confirm the lower peak, this week’s candle will need to close below…
Gold has been running hot since hostilities began between Israel and Hamas on 7 October. In effect, the market is favouring it as a safe haven given the intricacies of the conflict and the danger that it may spread regionally. To this end, XAUUSD has broken above its green sloping downtrend line and its weekly RSI has popped above 50, which is the bullish side of the indicator. If the…
The Middle East conflict has boosted USOil, but the commodity comes under pressure today, after the US lifted sanctions on Venezuelan oil
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