US oil exports reached a record last week at five million barrels a day, according to Energy Information Administration data…
OPEC+ decision is in focus
2020-12-01 • Updated
Investors are waiting for the significant decision of OPEC+ members to prolong oil output cuts or stop them. Yesterday, they failed to come to a common conclusion. That pushed oil prices down below $45.00. However, the market euphoria over having a vaccine soon drove riskier assets upward as well as oil.
OPEC+ will meet the next time on Thursday to discuss the oil supply’s regulations. According to RBC Capital Markets, OPEC+ should agree on further cuts for about 3 months. On the one hand, the virus is still a severe problem, which has strong pressure on oil demand. On the other hand, the recent Chinese Manufacturing PMI report was better than expected and signaled the industry expansion. China is a huge oil importer, that’s why a recovery of the economic activity there will increase the oil demand, which should underpin oil prices in the end.
WTI oil is trading sideways from $44.65 to $45.65. If it manages to break the top of this range, the way up to the high of November 26 at $46.00 will be clear. On the flip side, the move below the support of $45.00 will drive crude oil to yesterday’s low of $44.65. However, it’s likely to pull back from $45.00 and turn to the upside to continue its zig-zag movement.
To trade WTI oil with FBS you need WTI-21F, which expires on December 18.
The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
The oil prices rally and world central banks’ dovish monetary policy caused by the Covid-19 pandemic were the main reasons for current inflation growth…
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD
The US dollar index has all chances of reaching the 2000s high of 120.00.
The Consumer Price Index announcement by Statistics Canada is set for release in a few hours will reveal the state of inflation in the Canadian economy