Oil and BTC Surged, EUR Awaits ECB
Today traders await the European Central Bank to make a policy statement at 14:45 MT (GMT+3).
OIL: long time no see
What?
We got so used to seeing WTI at the rages of $10-15 its confident march to $23 appears now as something extraordinary. What’s happening?
Why?
In short, observers see that the glut is probably at its peak globally and starts to diminish. Supply cuts finally started bringing positive effects. Therefore, what used to be the story of the day for weeks in the oil market, now is seen as a short-term obstacle for oil prices to stabilize at a higher level. Most observers expect that level to be around $40 to $50 per barrel, so if no major problem (such as another US-China confrontation) arises, you may start your strategic preparations to welcome bulls back to the oil market. Long time!
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