Global macro overview for 01/12/2017
December 1, 2017 3:21 pmVideo
Latest News
- Analysis of EUR/USD pair on May 31st. EU inflation supports the euro May 31, 2024
- Analysis of GBP/USD pair on May 31st. The PCE index also works against the dollar May 31, 2024
- USD/JPY: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- GBP/USD: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- Technical Analysis – US 100 stock index might lose more in short-term May 31, 2024
- EUR/USD: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- GBP/USD: trading plan for the US session on May 31st (analysis of morning deals). The pound was bought in the area of 1.2706 May 31, 2024
- EUR/USD: trading plan for the US session on May 31st (analysis of morning deals). The euro continued to grow May 31, 2024
- EUR/USD. May 31st. The economic data stopped the bears again May 31, 2024
- GBP/USD. May 31st. Bears remain weak and the pound rises alongside euro May 31, 2024
- Weekly Forex Outlook: 31/05/2024 – ECB cut might get eclipsed by BoC surprise and NFP May 31, 2024
- Cryptos consolidate as spot Ether ETF excitement fades – Crypto News May 31, 2024
- Technical Analysis – USDJPY may retest 157.70 May 31, 2024
- June forecast: Dollar index poised for growth May 31, 2024
- Week Ahead – ECB rate cut might get eclipsed by BoC surprise and NFP report May 31, 2024
- Forex forecast 05/31/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 31, 2024
- EUR/USD and GBP/USD: Technical analysis on May 31 May 31, 2024
- Market Comment – US and Eurozone inflation data in focus May 31, 2024
- Technical Analysis – EURGBP stuck around the crucial 0.8500 floor May 31, 2024
- Technical Analysis – USDCAD meets uptrend line again and again May 31, 2024
The course of Thursday quotations on the energy commodity market was dictated by the most recent reports from Vienna’s OPEC meeting, where consensus was reached by world oil miners. Declarations on the extension of the agreement until the end of 2018 confirmed not only the representation from Saudi Arabia, but also from Russia, Iran or a fairly recalcitrant Iraq. With the newly determined extraction limit, Nigeria and Libya will have to be reckoned, which could have previously been able to count on the grace of other members due to the questionable economic condition.
In conclusion, OPEC and its allies agreed to extend the mining restrictions by 9 months to the end of next year, but with a revision in June. The decision was in line with expectations, but by the risk of shortening the agreement in mid-2018, it is not entirely positive for oil, or at least not enough to push prices higher. The investors can now exit the long positions to make a profit from the rally from the previous few weeks, so the corrective price movement in a range of $2-$3 seems fair.
Let’s now take a look at the Crude Oil technical picture at the H4 time frame. The market broke below the dashed short-term trend line, but bounced back up from the level of $56.78 and currently is testing the trend line from below. The market conditions are oversold and momentum is hovering around its fifty level.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: