Crude Oil Drifts Lower
Crude oil prices have eased back at the start of this week, with a barrel of Brent costing $62.25 and WTI $57.25.
Emerging Markets
Copper Shorts Squeezed As The Red Metal Shines
The current bullish trend for copper shows no sign of slowing just yet with the red metal touching a 3 year high largely driven by increasing demand from China(FXI, quote), along with a fall in inventories in the London warehouses.
Crude Remains Undermined By Rising US Oil Supply
Crude oil was unable to hold onto its gains on Monday after appearing for a while to have ended its bearish run. Oil prices have fallen for three consecutive weeks after the OPEC and Russia failed to surprise the markets with their decision to extend the oil production deal.
Gold UK Elections, ECB and Comey Testimony Among Week’s Highlights
It is going to be a big week for the markets this one, especially towards the end of it. Among other things, we will have the UK’s general elections, the ECB’s latest policy decision and former FBI Director James Comey’s testimony all to look forward to on Thursday.
Central Bank Resumes Cash Injection Into Money Market
China’s central bank injected 30 billion yuan (4.76 billion U.S. dollars) into the financial system via open market operations on Monday to maintain stable liquidity.
Central Bank Renews Reverse Repos
China’s central bank renewed its cash injection via open market operations to ease liquidity on Tuesday after suspending the move for two trading days.
Crude Oil Gushes Higher On Russia, Saudi Agreement
The price of oil has surged higher at the start of the new trading week. This has helped to lift energy stocks and also underpin commodity currencies such as the Canadian dollar (FXC, quote).
Commodities – Metals, Crude Oil Rebound
Commodities price are firmer today with base and especially precious metals ending a bad run off losses, while crude oil has extended its gains from the day before when it rallied sharply on the back of the weekly US oil inventories report.
Crude Oil Remains Downbeat
Market participants in crude oil are continuing to shrug off persistent jawboning from oil ministers of some OPEC countries, most notably Saudi Arabia, about extending the production cuts into the second half of 2017, and possibly the first quarter of 2018.
Stopping Volume Appears On The Daily Oil Chart
Last week was an interesting one for oil traders (USO, quote) and speculators, as crude oil continued to move lower from Monday to Thursday, before bouncing strongly on Friday and closing in positive territory for the day, with a deep wicked candle on the daily chart and associated with high volume.