
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
However, a weekend tweet shocked the oil society.
Mr. Trump asked Saudi Arabia to increase the amount of oil it produces. And according to him, the Saudi King Salman agreed. However, Saudi media hasn’t confirmed a willingness of Saudi to produce more. Oil reacted to this news. The greater production will lead to lower prices. As a result, both oil benchmarks reacted negatively.
On Friday, Brent managed to climb to $79.70. But Monday trading appeared to be weak. Brent is trading near $78.50. No important data will be released today, as a result, there are risks of the fall to the support at $77.55. If there is some positive news for the oil market, Brent will be able to rise to $79.85.
WTI is weaker than it was on Friday as well. WTI is trading near $73.85. Positive news will pull the benchmark up. The resistance is at $76.60. Otherwise, it will turn around to the support at $72.15.
That’s all for today! Follow market news with FBS!
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
The US unemployment claims are out on Thursday at 15:30 MT time.
The American CPI is announced on Wednesday at 15:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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