ONLINE FOREX BROKER
$68 per barrel was the highest mark for WTI oil since October 2018 - a 2.5-year-high! Staring in November 2020, it was almost a straight line from around $30 to this mark.
Observers say the bullish rally was too quick. There were a lot of mid-tern factors that lifted it - from a failed missile attack on Saudi Arabia's main oil production facility to OPEC+ recent decision ton the supply cuts and Texas's winter taking away February's due supply from the US. These factors helped lift the price but did not necessarily stabilize it in the long-term. Strategically, global economic recovery is the main impact factor for the oil price.
In the meantime, most economists agree that nothing stands in the way of oil rising again. At the end of the day, the recovery is on the way, and the virus keeps gradually subsiding.
Therefore, a cautious approach to trade oil would suggest the following.
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?
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…
Credit Suisse's collapse is in focus. What are the consequences of this problem? Let's discuss it here.
Consumer Price Index, Existing Home Sales, US Fed rate decision - all of these things we will discuss in our new review. Don't miss it out!
The RBA and the Bank of Canada will add volatility to the AUD and the CAD, while USD is expected to be boosted by the Non-farm payrolls.
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