Crude price eases amid key political events
February 25, 2019 10:41 amVideo
Latest News
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
- Video market update for April 18, 2024 April 18, 2024
- Technical Analysis – WTI oil futures exit sideways move to the downside April 18, 2024
- Market Comment – US dollar on the back foot as nervousness lingers in equity markets April 18, 2024
- Hot forecast for EUR/USD on April 18, 2024 April 18, 2024
- EUR/USD and GBP/USD: Technical analysis on April 18 April 18, 2024
- Trading plan for GBP/USD on April 18. Simple tips for beginners April 18, 2024
- Trading plan for EUR/USD on April 18. Simple tips for beginners April 18, 2024
The focus among investors this
week likely be on crude oil. Its price has been rallying since December and
YTD, it has gained by double digits. There are a few reasons for this. First,
in the annual meeting in December, OPEC members and Russia agreed to lower
production. This was because the cartel believed that the world was in a period
of overproduction. Second, the increase in US production has already been priced
in. Third, the global demand is expected to increase even as the global economy
eases.
Another reason why the price of
crude oil has continued soaring is the ongoing talks between the United States
and China. These two countries are important because China is the biggest oil
consumer while US is the biggest oil producer. The two countries are also the
biggest economies in the world. For this reason, any progress in relations is
viewed as being positive for the market. On Sunday, Donald Trump said that he
will extend the March 1 deadline of trade talks citing ongoing progress.
Other than the talks on trade,
traders may also focus on the political events in Nigeria and Venezuela.
Nigeria is the biggest oil producer in Africa. It pumps more than 2.5 million
barrels of crude oil every day. The country went to an election and any
violence could mean less production. In Venezuela, the political environment
continues being increasingly volatile. The opposition leader has called for
international intervention to force Maduro out.
As a result of all these, the
price of Brent crude has fallen slightly today, although more volatility could
happen. The XBR/USD pair’s price has fallen from last week’s high of 67.70 and
moved to a low of 66.87. On the chart below, this price is slightly along the
21-day and 42-day EMAs while the RSI has moved slightly lower to below 50. The
price is likely to resume the upward trend because the fundamental remain quite
supportive.
The post Crude price eases amid key political events appeared first on Forex.Info.
Related Posts: