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Yesterday we saw how WTI oil prices jumped up after Donald Trump’s 2 tweets and reached the 25.30 mark. Today the WTI price went even higher and now it’s 27.32 dollars per barrel. There is definitely an upward trend, breaking through 23.6 Fibonacci level at the 26.85 mark and two lines of Moving Average, 50 and 100, respectively.
The Organization of Petroleum Exporting Countries met in early March and failed to agree on the amount of oil supply cut amid the coronavirus outbreak. It meant that starting April 1 all the members could pump as much oil as they want. As a result, both unlimited supply and reduced demand (because of lockdowns for many economies around the world) cause oil prices to fall dramatically.
The OPEC+ meeting will be hold on April 6. It’s expected that Russia and Saudi Arabia will negotiate and cut oil production to raise the WTI price to nearly 30 dollars per barrel. The United States has traditionally not been a part of these kinds of meetings, but its new status as the world’s largest oil producer, coupled with its particularly expensive method of extracting oil, means that things could be about to change.
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.
US stocks and oil slipped as Donald Trump threatened not to sign a long-awaited stimulus bill into law. The market sentiment had been already fragile, and Trump’s comments worsened it even more.
The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
USD’s rally takes a pause, while riskier assets are modestly rising.
We are now past the middle of January, and this means that the largest US companies will report their earnings for the fourth quarter and many of them will provide the results of the entire 2020.
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