Tags Posts tagged with "Crude Oil"

Crude Oil

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So far this year, the WTI has gained 33.5%, and the Brent 35.3% – but they are still down from their peak of 2014

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OPEC has decided to ignore the difficult relations between its members to act together on the oil price and try to stabilize the situation.

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Oil continued to rise during the Asian session this Friday. Yesterday, prices jumped in the hope of the oil market rebalancing in the second half of 2017.

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On Monday, the American investment bank published a note that describes a situation where oil demand is now outstripping supply. Goldman Sachs cited recent crude oil production interruptions.

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Commodities opened the week on a bearish note. Crude oil futures tumbled one US dollar to $47. Copper and other industrial metals also resumed their persistent downwards trajectory.

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GBP/USD fell by more than one percent as traders retreated to safer plays including the US dollar and Japanese yen. Selling began in the Asian session and sent cable abruptly into the support area at 1.5350.

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GBP/USD was testing the middle of the 1.55 price range as traders became more confident that the Fed would not decide to lift interest rates at this meeting. GBP/JPY also moved higher to 187 as sterling extending a two week long rally.

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Disappointing data on Chinese industrial output reignited concerns over the world’s second biggest economy. A brief rally in metals and commodities went into reverse Monday...

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The US dollar was higher against commodity currencies on Monday. The greenback was trading up strongly against the Canadian, the New Zealand dollar and was breaking even on the Australian dollar.

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Cable continued its bearish trend today pushing down below the 1.53 line. A disappointing outlook on the UK’s service industry was enough to keep the sell orders coming in.