Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Crude Oil Forecast: Shall break out 2 years high?

By

PrintPRINT

This article is published in collaboration with Scutify, where you can find real-time markets and stock commentary from Robert Marcin, Cody Willard and others. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

Crude Oil Forecast And Fundamentals

Fundamentals:

Oil prices jumped about 2 percent on Friday, with global benchmark Brent crude rising above $60 per barrel, on support among the world's top producers for extending a deal to rein in output and as the dollar retreated from three-month peaks.
Saudi Arabia and Russia declared their support for extending an OPEC-led deal to cut supplies for another nine months, the Organization of the Petroleum Exporting Countries' secretary-general said ahead of the group's next policy meeting on Nov. 30. The pact currently runs to March 2018.

U.S. crude's gains have lagged the global benchmark amid rising domestic output.
Oil prices have been hovering near their highest levels for this year amid signs of a tightening market, renewed support this week of an extension of production cuts and tensions in Iraq.
However, the announcement on Friday of a ceasefire between Iraqi forces and the Peshmerga from the country's autonomous northern Kurdish region eased some concerns.

"What is interesting is that the pop in WTI futures moved above the Sept. 28 high," said David Thompson, executive vice president at Powerhouse, an energy-specialized commodities broker in Washington.
"So even though the dollar is giving back some of its move, crude may now be trading off of a new driver, the technical breakthrough to a new high."
The dollar trimmed its earlier gains versus a basket of currencies (DXY) following a Bloomberg report that U.S. President Donald Trump is leaning toward Federal Reserve Governor Jerome Powell as his pick to head the U.S. central bank.
A weaker dollar makes greenback-denominated commodities, including oil, cheaper for holders of other currencies.

Crude Oil Forecast

Technicals:

Continue Reading


This article was written by Emre Tutucu for http://www.fxters.com/crude-oil-forecast-fundamentals/ on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

< Previous
  • 1
Next >
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE