This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
A great oil surge
As usual, the reason is hidden in US political games. The US government is said to announce that it won’t renew waivers from sanctions to importers of Iranian oil after they expire on May 2. The decision was not declared officially. However, rumors had a great impact.
As a result, both Brent and WTI trades opened with a big gap.
Brent tested highs of November 2018. Up to now, the oil benchmark has been trading near 73.80. The strong resistance lies at 74.75. But the rise may be limited. In the case of the fall, the first support is at 71.95.
WTI appeared near 65.96 reaching highs of October 2018. To keep rising, it needs to break above 66.20. If the strength of bulls weakens, WTI may test support at 64.65.
Notice that if you want to trade Brent or WTI, choose BRN-19M or WTI-19M in your MetaTrader (File - CFD Futures).
Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet on January 4.
What will happen? Crude oil inventories will be announced at 17:30 MT (GMT+3) on Wednesday, September 29…
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.