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COMMODITIES FOREX Oil

Oil and Gold Sleepy on US Independence Day

Oil creeps higher overnight but remains mid-range The impressive US labour data lifted Brent crude and WTI higher overnight, although only into the upper side of their respective one-month ranges. Like currency markets, nagging doubts remain about the US economy, with the employment data collected before the spiralling Covid-19 cases in the US Sunbelt. Brent […]
FOREX Oil

US Futures Green, Watch FB, BA, AMZN, TSLA

The S&P 500 Futures  are gaining some ground ahead of a long Independence Day weekend. Due later today the U.S. Labor Department will release June nonfarm payrolls report and initial jobless claims in the week ended June 27. U.S. unemployment rate is expected to decrease from 13.3% to 12.3%. The Commerce Department will report May […]
FOREX Oil

Oil prices climb but gold unsteady

Oil surges on falling US crude inventories US official crude inventories unexpectedly fell by 7.2 million barrels overnight, much higher than the forecast 0.7-million-barrel drawdown expected. Combined with reports of oil moving out of floating storage, and strong manufacturing PMI data across the globe, it was easy to form a constructive case for oil prices […]
FOREX Oil

WTI Futures Weaken Their Bullish Move Above SMAs

WTI crude oil futures have found resistance at the 41.60 barrier, sending prices sideways in the short-term. Oil is keeping its position above the moving averages despite the contradicting signals in the momentum indicators. The MACD is holding beneath its trigger line in the positive territory, while the RSI is pointing marginally up in the […]
FOREX Oil

Markets vaccinate ahead of non-farm payrolls

Equity markets turned in a solid performance overnight, driven by a surprising rebound in US ADP Employment data and positive Covid-19 vaccine trials from Pfizer. That sentiment has spilt into Asia this morning, buoying the mood as the region’s stock exchanges continue this week’s march higher. Based on a vaccine trial containing 45 people, including […]
COMMODITIES FOREX Oil

US Open – Fed put to the test

Will Fed Put Prevent a Correction? The stock market has really lost its spark these last few weeks and once again we’re seeing indices coming back towards the recent lows. Growing unease around the success of the reopening process is no doubt fuelling much of this, with numerous regions being forced to backpedal on lifting […]
COMMODITIES FOREX Oil

Oil prices muted, gold grinds higher on COVID

By recent standards, oil’s price action overnight flatlined, supported by very narrow daily ranges. Brent crude fell slightly by 0.25% to $41.20 a barrel, with WTI rising 0.50% to $39.80 a barrel in directionless trading. Both contracts remain comfortably ensconced in the middle of their respective monthly ranges, as outlined yesterday. Covid-19 nerves are definitely