Tuesday, November 28, 2023
  • Home
  • About Us
  • Advertise
  • Contact Us
  • Login
  • Register
MYFOREX Analyst
No Result
View All Result
Forex Training
Open Account
  • Global Financial News
  • Analyst Guide
    • FX Analyst pieces
    • Scrum session
    • Market Analysis
  • Indicators
    • Trends
    • Oscillator
  • Education Materials
    • PDF
    • Videos
  • Expert Advisors
  • Get Trade Signal
  • Global Financial News
  • Analyst Guide
    • FX Analyst pieces
    • Scrum session
    • Market Analysis
  • Indicators
    • Trends
    • Oscillator
  • Education Materials
    • PDF
    • Videos
  • Expert Advisors
  • Get Trade Signal
MYFOREX Analyst
Home Global Financial News

Crude Oil Flies High with Markets Eyeing a Fed Pause

fxanalyst by fxanalyst
September 10, 2023
in Global Financial News
0
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Crude Oil, WTI, Bent, US Dollar, NFP, FOMC, HSI, RBA, BoC, ASEAN, G-20 – Talking Points

  • Crude oil’s leap to new highs appears intact for now with
  • A combination of production cuts and an inventory rundown boosted oil
  • After today’s US holiday, a busy week lies ahead. Will WTI keep climbing?

Recommended by Daniel McCarthy

Understanding the Core Fundamentals of Oil Trading

The crude oil price is holding onto loft levels going into a new week of trading after making fresh highs on Friday with markets mostly seeing a good US jobs report.

The WTI futures contract made a 10-month peak at US$ 86.09 while the Brent contract traded above US$ 89 for the first time since January.

Production cut announcements from Saudi Arabia and Russia exasperated a fragile market after US inventory data revealed a surprising run down of stocks over the week prior.

Last week, the American Petroleum Institute (API) inventory report showed -11.486 million fewer barrels, while the US Energy Information Agency (EIA) weekly petroleum status report revealed a notable drop of -10.584 million barrels.

Friday’s US non-farm payrolls (NFP) were seen as positive overall with more jobs added than anticipated but the unemployment rate saw an uptick.

This was due to a higher participation rate and some downward revisions to prior readings. At the end of the day, the Fed is now widely forecast to remain on hold at its Federal Open Market Committee (FOMC) meeting later this month.

image1.png

Source; DailyFX

The US is on its Labour Day holiday today and cash Treasury markets are closed but bond futures are pointing toward a slight uptick in yields. Canada is also on a Labour Day break.

The US Dollar is little changed although generally slightly weaker on Monday, but APAC equities have seen a good day.

Of the main indices, Hong Kong’s Hang Seng Index (HSI) has led the way higher, up over 2.5% today.

Metals markets are firm again after solid gains last week. Spot gold continues to trade near US$ 1,940 an ounce.

Looking ahead for the week, the RBA and Bank of Canada will be making interest rate decisions on Tuesday and Wednesday respectively.

The ASEAN summit in Jakarta gets underway tomorrow and the G-20 will start later in the week in New Delhi.

Seven Fed speakers are due to give thoughts publicly throughout the week but closer at hand, ECB President Christine Lagarde will be talking later today.

The full economic calendar can be viewed here.

Recommended by Daniel McCarthy

How to Trade Oil

WTI CRUDE OIL TECHNICAL ANALYSIS SNAPSHOT

The WTI futures contract has eased today after making a stellar run higher last week, eclipsing the mid-August peak to trade as high as 86.09.

Resistance could be at the breakpoint of 90.39 or at the twin peaks near 93.74.

On the downside, support may lie at the breakpoints near 84.90, 83.50, 84.30 and 81.75.

Further down, there is a breakpoint, prior low and the 55-day simple moving average (SMA) in the 77.30 – 77.50 area which might provide a support zone.

To learn more about breakout trading, click on the banner under the chart.

image2.png

Chart created in TradingView

Recommended by Daniel McCarthy

The Fundamentals of Breakout Trading

— Written by Daniel McCarthy, Strategist for DailyFX.com

Please contact Daniel via @DanMcCarthyFX on Twitter

Previous Post

British Pound (GBP) Update: Sterling Damaged by Feeble UK PMIs

Next Post

Markets Week Ahead: US Dollar, Gold, Crude Oil, AUD/USD, USD/CAD,

Related Posts

S&P 500, NAS 100 Make a Tepid Start to the

November 28, 2023

German business sentiment improves in November

November 28, 2023

US Dollar Forecast: PCE, Powell to Set Market Tone, Setups

November 28, 2023

Mexico’s economy grows slightly above forecasts in third quarter By

November 28, 2023

CAD/JPY: High Time Frame Signal for Intraday Opportunities for OANDA:CADJPY

November 28, 2023

OPEC+ looking at deeper oil cuts ahead of Thursday meeting

November 28, 2023
Next Post

Markets Week Ahead: US Dollar, Gold, Crude Oil, AUD/USD, USD/CAD,

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Economic News

  • Market News
  • Nigerian Financial News
  • Socio economical
  • Technological News
  • Political

Educational Materials

  • Videos
  • PDF
  • Analysis
  • Review sessions

Analyst Guide

  • Expert Advisors
  • FX Analyst pieces
  • Swing Trading sessions
  • Scrum session

Quick Link

  • Expert Advisors
  • Market Analysis
  • About us
  • Advertise with us
  • Contact us
Open Trading Account

© 2022 Myfxanalyst.com by MA Digitals.

Risk Warning

The information and materials submitted by myfxanalyst.com are exclusively for informative/educational purposes, and may not be considered recommendations for buying, selling or keeping financial instruments. Financial Instruments are leveraged instruments that carry a high degree of risk

No Result
View All Result
  • Login
  • Sign Up
  • Home
  • Global Financial News
  • Economic News
  • Analyst Guide/Insights
    • FX Analyst pieces
    • Scrum session
    • Swing Trading sessions
    • Market Analysis
  • Indicators
    • Trends
    • Oscillator
    • Combination of Templates
  • Education Materials
    • PDF
    • Videos
  • Expert Advisors
  • Get Trade Signal
  • Explore
    • About Us
    • Advertise
    • Contact Us
Forex Training

© 2022 Myfxanalyst.com Design by MA Digitals

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In