Global macro overview for 14/11/2018
November 14, 2018 8:25 amVideo
Latest News
- Video market update for May 27, 2024 May 27, 2024
- Analysis of GBP/USD pair on May 27, 2024 May 27, 2024
- Euro area inflation unlikely to change ECB’s outlook – Preview May 27, 2024
- EUR/USD. Analysis of the upcoming inflation report in the European Union. What to expect? May 27, 2024
- USD/JPY: Simple trading tips for novice traders on May 27th (US session) May 27, 2024
- GBP/USD: Simple trading tips for novice traders on May 27th (US session) May 27, 2024
- EUR/USD: Simple trading tips for novice traders on May 27th (US session) May 27, 2024
- GBP/USD: trading plan for the US session on May 27th (analysis of morning deals). The pound reached 1.2756 May 27, 2024
- Technical Analysis – Will gold resume its prevailing uptrend? May 27, 2024
- Technical Analysis – USDCAD pulls back but diagonal line still stands May 27, 2024
- Technical Analysis – USDJPY remains stuck in a tight range May 27, 2024
- EUR/USD: trading plan for the US session on May 27th (analysis of morning deals). The euro is trying to continue its growth May 27, 2024
- Forecast of EUR/USD pair on May 27, 2024 May 27, 2024
- Forecast of GBP/USD pair on May 27, 2024 May 27, 2024
- Weekly forecast based on simplified wave analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, #Ethereum, and US dollar index May 27, 2024
- Weekly forecast based on simplified wave analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on May 27th May 27, 2024
- Technical Analysis of Intraday Price Movement of EUR/USD Main Currency Pairs, Monday May 27 2024. May 27, 2024
- Technical Analysis of Intraday Price Movement of Crude Oil Commodity Currency Pairs, Monday May 27 2024. May 27, 2024
- Weekly Technical Outlook: 27/05/2024 – USDJPY, EURUSD, AUDUSD May 27, 2024
- Forex forecast 05/27/2024: EUR/USD, GBP/USD, USD/JPY, USD/CAD and Bitcoin from Sebastian Seliga May 27, 2024
Yesterday’s session was extremely cruel to bulls in crude oil as the price of WTI Crude Oil dived from $58.83 per barrel to the level of $55.64. The decrease was 6.10%. From the top of the beginning of October, there were drops of 27.50% despite the declarations of OPEC members to reduce production do not help.
Where does the low price of black gold come from? Trump surprised the markets and allowed eight of its trading partners to continue to buy oil from Iran despite the US sanctions. In addition, the American president is lobbying for a lower oil price.
Moreover, the supply is at the highest level for a year. OPEC countries, after increasing production in September, deliver 32.78 million barrels a day. In addition, there is a high level of production in the USA itself. It increased by 400,000 barrels a day to 116 million. This is a record result for the largest economy in the world. In addition, crude oil inventories are larger than usual, which is due to production expectations. In previous years, in the autumn and winter months, supply was at a lower level than it is this year. All this contributes to a sharp drop in the WTI and Brent oil prices.
Let’s now take a look at the Crude Oil technical picture at the H4 time frame. The market has made a local low at the level of $55.64 in extremely oversold conditions at this time frame. This is an important technical support zone between the levels of $55.79 – $56.78 and any breakout below this zone will only make the bears stronger and more confident. The nearest techcnical resistance for bulls is seen at the level of $58.06.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: