China has issued new oil product export quotas to allow oil companies to send surplus barrels overseas, particularly Sinopec, which has the highest volume among quota holders. While the exact quota volume remains undisclosed, oil companies are forecasted to export approximately 3.5 million metric tons of clean oil products in September, a 10% increase from August.
Bitcoin (BTC/USD) on its way to reach the 20k milestone
2019-11-11 • Updated
The Bitcoin continues to be the protagonist of the main headlines of the media that cover the movements of cryptocurrency, since during the weekend reached the important psychological level of 19,000, also renewing its highest level of all time. The yields of the BTC, according to the latest data, already exceed 80%.
However, due to the growth that cryptocurrency has had in a meteoric manner, concerns that this is the indicator that there is a bubble on the verge of bursting to continue to keep investors wary of maintaining long-term positions. According to the latest reports, it is speculated that the price of Bitcoin has been inflated in an artificial way for the benefit of speculators.
On the other hand, Bitcoin futures, listed as XBT, show a consolidation above the level of 18,000. According to the technical outlook, there is still a follow-up of a bullish trend line projected from the lows of December 10th, providing dynamic support to cryptocurrency in the short term.
What do we expect?
According to our projections in the H1 chart, the Parabolic SAR is supporting the idea that Bitcoin is entering a slight corrective phase, which will allow consolidating some of the gains recorded over the weekend. The price has already reached the Fibonacci target of -23.6% at 19,114 and this is the indicator that take profit's orders are being activated, before reaching the key psychological level of 20,000.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
The EUR/USD pair is making gains, approaching multi-month highs around 1.0960, driven by a weakened USD and Christine Lagarde's somewhat hawkish remarks before the European Parliament. Minor housing data from the U.S., specifically New Home Sales for October, came in below expectations but didn't significantly impact the pair. Lagarde, President of the...
Global equities on Wall Street experienced a mixed session following the Thanksgiving holiday, heading for the most significant one-month rally since November 2020. MSCI's global shares index slightly eased but was still on track for an 8.5% monthly gain, fueled by growing investor confidence that U.S. interest rates...
Brent crude futures is maintaining stability this Friday, with traders awaiting an OPEC+ meeting that might lead to further supply cuts. Brent crude was down 8 cents at $81.34 a barrel, following a 0.7% drop in the previous session.