ONLINE FOREX BROKER
2022-08-30 • Updated
Financial giants such as JPMorgan and Goldman Sachs anticipate crude oil to skyrocket as high as $100 as the global economy rebounds. Oil prices haven’t been at such a high level since 2014. What are the reasons behind banks’ optimism? The banks believe that Biden’s fiscal stimulus of $1.9 trillion will boost consumption and thus increased demand in combination with massive output cuts would fuel the recent surge in oil prices. However, there is still much depends on OPEC+ decisions on oil supply.
All these banks’ forecasts are good, but won’t oil be replaced by alternative energy resources? The US President committed to fight climate change and support the development of electric vehicles. His goal is to make the US carbon-free by 2050. It seems that there is no place for crude oil in our future. Yes, but JPMorgan assured: “We’re going to be short of oil before we don’t need it in the years to come. We could see oil overshoot towards, or even above, $100 a barrel.” Besides, Goldman Sachs emphasized that Biden’s stimulus will be directed to middle and low-class people, who mostly drive petrol-drive cars, not Teslas.
Brent crude has gained more than two-thirds so far since October and reached $63 a barrel. The price has broken through all weekly moving averages, confirming an uptrend. Now the price is just under the key psychological level of $65.00. If it manages to break it, the way up to the high of January of the last year at $70.00 will be clear. Support levels are at the 200-week moving average of $59.00 and the low of late January at $55.00.
The current CFD for Brent oil is BRN-21J, which expires on February 26.
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.
China's economy is rocketing. On the other hand OPEC+ countries take the decision to cut the production. What will be the impact on the oil price?
US oil exports reached a record last week at five million barrels a day, according to Energy Information Administration data…
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
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