Brent Crude Oil Taking Advantage of Weaker USD, IEA Outlook & Supply Interruptions
BRENT CRUDE OIL (LCOc1) TALKING POINTS & ANALYSIS All eyes point to Fed Chair Jerome Powell for guidance later today. Future crude oil demand emphasized by IEA report while interruption at key export terminal in Turkey backs crude oil prices. Key resistance zone under pressure. Recommended by Warren Venketas Get Your Free Oil Forecast BRENT […]
Goldman Sachs Warns Of An Imminent Oil Supply Shortage
Crude oil could soon swing into a deficit that will make next year a difficult one, Goldman Sachs said, as spare production capacity dwindles and underinvestment threatens future supply.Speaking on the sidelines of an event in Saudi Arabia, Goldman’s top commodity analyst Jeffrey Currie said, as quoted by Bloomberg, that the industry is not spending […]
Steady Brent Looks to U.S. Data for Guidance
BRENT CRUDE OIL (LCOc1) TALKING POINTS Crude inventories weigh on Brent ahead of OPEC next week. Fading USD may find some relief today leaving Brent exposed. Hesitant price action on daily chart. Recommended by Warren Venketas Get Your Free Oil Forecast BRENT CRUDE OIL FUNDAMENTAL BACKDROP Trade Smarter – Sign up for the DailyFX Newsletter […]
Société Générale says Brent oil needs to reclaim $90 to solidify uptrend
A snippet on oil from Société Générale, looking at Brent: A falling wedge generally denotes receding downward momentum; this is also highlighted by daily MACD which held on to last July’s lows and has entered positive territory. However, reclaiming the upper limit of the wedge at $89/90 is essential to affirm an extended up-move towards […]
GLOBAL MARKETS-European stocks edge higher, Wall Street futures flat
European stock indexes edged higher on Monday, while Wall Street futures struggled to make gains as investors weighed up recession fears with hopes that inflation could be past its peak. Liquidity was thin during Asian trading hours as markets in China, Hong Kong, Singapore, Malaysia, South Korea and Taiwan were closed for the Lunar […]