Get ready for FOMC meeting
The US Fed Funds Rate announcement and Press Conference will be at 21:00 MT on January 29.
Crude prices stand still as OPEC claims market is currently rebalancing
On Tuesday, crude prices were intact because OPEC told that there were evident signs the market was rebalancing and American output was still offline due to Hurricane Nate.
American West Texas Intermediate crude futures hit $49.64 a barrel, soaring just 0.1% from their previous close.
As for Brent futures, they also gained no more than 0.1% trading at $55.85 a barrel.
Crude prices were backed because OPEC told crude markets were rapidly rebalancing after a long period
OPEC has made vigorous effort to reduce output in 2017 just to stop years of overproduction, which generated an enormous supply overhang.
Short-term crude price support was also received from America, where up to 85% of US Gulf of Mexico crude output or just 1.49 million barrels a day, turned to be offline because of Hurricane Nate. Crude companies evacuated employees from Gulf platforms and reduced output ahead of the natural disaster.
Similar
OIL: back to the rising curve?
Events in Libya pushed the oil price up. So what's the strategy to benefit from it?
The oil market struggle: will the crude oil inventories help?
The oil prices experienced significant losses amid the US-Iran tensions at the beginning of the year. What's next?
Latest news
ZAR: an intriguing speech
The South African Finance Minister is delivering a budget speech today. There may be a strong impact on ZAR, so what's going to happen?
CAD: is Canadian GDP puzzled?
Canadian monthly GDP will be out at 15:30 MT time on Friday.
The assets wrap: the best, the worst, and the most volatile
Let’s consider the best and the worst-performing assets as Monday’s session kicks in.
Deposit with your local payment systems
