Crude/Brent Oil : Daily Technical And Fundamental Analysis By INSTAFOREX

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Crude Oil Futures Settle At Near 6-week Low

Crude oil prices declined sharply on Monday amid easing worries about U.S.-Iran tensions, resulting in the futures contract settling at their lowest level in about six weeks. Higher crude inventories in the U.S. and uninterrupted crude production in the Middle East despite the tensions between the U.S. and Iran continued to weigh on oil prices.

West Texas Intermediate Crude oil futures ended down $0.96, or about 1.6%, at $58.08 a barrel, the lowest price since early December. Brent crude futures were down by about 1.2% at $64.20 a barrel in late afternoon trades. On Friday, WTI crude oil futures ended down $0.52, or 0.9%, at $59.04 a barrel. With the U.S. and Iran set to sign a phase one trade deal in Washington on Wednesday, traders appeared to shrug off reports about a volley of rockets slamming into an Iraqi airbase north of Baghdad where U.S. forces have been based.

Chinese Vice Premier Liu He is scheduled to be in Washington on Wednesday. The phase one trade deal is said to include reduced tariffs on Chinese goods in exchange for increased Chinese purchases of U.S. agricultural products. Treasury Secretary Steven Mnuchin said in an interview on Sunday that the agreement calls for China to purchase $40 to $50 billion worth of U.S. agricultural products annually. Mnuchin described the agreement as "very, very extensive," although the deal will not completely resolve the trade dispute between the U.S. and China.
 

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Oil Prices Edge Up Ahead Of US-China Trade Deal

Oil prices rose slightly on Tuesday amid optimism about a U.S.-China trade deal and expectations of a drawdown in U.S. crude oil inventories. Benchmark Brent crude edged up 0.3 percent to $64.39 per barrel after falling 1 percent on Monday. U.S. West Texas Intermediate crude futures were up 0.1 percent at $58.13 a barrel, snapping a five-session losing streak. Investors also welcomed signs of a thawing in relations between the United States and China after the U.S. Treasury Department dropped China's designation as a currency manipulator and China pledged to buy nearly an additional $80 billion of U.S. manufactured goods over the next two years.

The phase one U.S.-China trade deal is due to be signed at the White House on Wednesday. U.S. Trade Representative Robert Lighthizer told Fox Business that the Chinese translation of the deal's text was almost done. Meanwhile, ahead of the API's and EIA's weekly crude oil inventory reports, a preliminary Reuters poll showed that U.S. crude oil inventories have fallen last week. Date showed earlier in the day that China's crude oil imports grew by 9.5 percent in 2019 to 10.16 million b/d, despite a month-on-month decline of 3.8 percent in December. Saudi Arabia's Energy Minister Abdulaziz bin Salman said in a Bloomberg television interview on Monday that OPEC and its allies remain focused on using production cuts to reduce oil inventories to normal levels, undeterred by the flare up in geopolitical tensions.

Read more: https://www.instaforex.com/forex-news/2149895-oil_prices_edge_up_ahead_of_us_china_trade_deal_.html
 

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Oil Futures Snap 5-day Losing Streak, End Slightly Higher

Crude oil futures ended higher on Tuesday, snapping a five-day losing streak, despite easing worries about geopolitical tensions. Optimism about a U.S.-China trade deal and expectations of a drawdown in U.S. crude oil inventories pushed up oil prices early on in the session.

West Texas Intermediate Crude oil futures for February ended up $0.15, or about 0.1%, at $58.23 a barrel. On Monday, WTI crude oil futures for February ended down $0.96, or 1.6%, at $58.08 a barrel. The phase one U.S.-China trade deal is due to be signed at the White House on Wednesday. U.S. Trade Representative Robert Lighthizer told Fox Business that the Chinese translation of the deal's text was almost done.

Traders appeared to be playing it safe ahead of release of weekly crude inventory reports from the American Petroleum Institute and the Energy Information Administration. Saudi Arabia's Energy Minister Abdulaziz bin Salman said in a Bloomberg television interview on Monday that OPEC and its allies remain focused on using production cuts to reduce oil inventories to normal levels, undeterred by the flare up in geopolitical tensions.
 

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Oil Futures Settle At 6-week Low

Crude oil prices drifted lower and settled at a six-week low on Wednesday after data showed a notable increase in gasoline and distillate stockpiles in the week ended January 10. A drop in Crude stockpiles last week helped limit oil's decline. Traders weighed the likely impact of Trump administration's decision to leave the 25% tariff on $250 billion worth of Chinese imports in place till the second phase of trade deal.

West Texas Intermediate Crude oil futures (WTI) for February ended down $0.42, or about 0.7%, at $57.81 a barrel, the lowest settlement price since early December 2019. On Tuesday, WTI crude oil futures ended up $0.15, or 0.1%, at $58.23 a barrel, snapping a five-day losing streak.

According to the data released by the Energy Information Administration (EIA), crude stockpiles in the U.S. fell by 2.55 million barrels in the week ended Jan. 10, substantially higher than an expected drop of about 474,000 barrels. Gasoline inventories rose by about 6.7 million barrels, almost two times the expected increase, the EIA data said. Meanwhile, distillate stockpiles climbed by a much larger than expected 8.2 million barrels in the week. The jump was the biggest since September 2017.

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 1.1 million barrels for the week ended January 10, countering expectations for a draw. A report from OPEC said the group expects lower demand for its oil this year despite an increase in global oil demand, as other producers are grabbing market share and the U.S. continuing to increase crude output to record levels.

Read more: https://www.instaforex.com/forex-news/2150023-oil_futures_settle_at_6_week_low_.html
 

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Oil Prices Rise After EIA Report, Sino-US Deal

Oil prices rose on Thursday after the United States and China signed a partial trade deal and data showed a drop in crude stockpiles last week. Benchmark Brent crude climbed 0.6 percent to $64.38 a barrel, while U.S. crude futures were up 0.3 percent at $57.98 a barrel. The prospect of no further escalation in the economically damaging trade war helped improve investor sentiment somewhat as the U.S. and China finally signed the long-awaited "Phase One" trade deal, with tariffs on hundreds of billions of dollars in imports still in place.

The phase one trade deal calls for China to purchase $200 billion worth of U.S. goods over the next two years, including up to $50 billion worth of agricultural products. In exchange, the U.S. will scrap a new round of tariffs and cut tariffs on approximately $120 billion worth of Chinese goods in half to 7.5 percent.

Trump noted a 25 percent tariff on $250 billion worth of Chinese imports will remain in place in order to give the U.S. leverage as the two countries enter into phase two negotiations. Meanwhile, according to the data released by the Energy Information Administration (EIA), crude stockpiles in the U.S. fell by 2.55 million barrels in the week ended Jan. 10, substantially higher than an expected drop of about 474,000 barrels. A report from OPEC said the group expects lower demand for its oil this year despite an increase in global oil demand, as other producers are grabbing market share and the U.S. continuing to increase crude output to record levels.

Read more: https://www.instaforex.com/forex-news/2150075-oil_prices_rise_after_eia_report_sino_us_deal_.html
 
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