MARKET OUTLOOK:-
Oil gains with supply constraints in focus after #Saudi cuts
Oil prices rose almost 1% on Thursday after a fall in U.S. stockpiles added further support following the unilateral decision by Saudi Arabia, the world's biggest exporter, to cut output over the next two months.
It was not immediately clear how the storming of the #U.S. Capitol by supporters of President Donald Trump would impact oil markets, although some analysts believe President-elect Joe Biden's administration will clamp down on U.S. oil production.
Brent crude was up 44 cents, or 0.8%, at $54.74 a barrel by 0734 GMT, after gaining 1.3% overnight. U.S. West Texas Intermediate (#WTI) gained 51 cents, or 1% to $51.14. The contract rose 1.4% on Wednesday.
Saudi Arabia, the world's biggest oil exporter, said it would voluntarily cut 1 million barrels per day (bpd) of output in February and March, after #OPEC+, which groups the Organization of the Petroleum Exporting Countries and other producers, including Russia, met earlier this week.
A lower dollar, which makes oil cheaper because the commodity is mostly traded using the greenback, is also supporting prices, analysts said.
U.S. crude stocks dropped and fuel inventories rose, the Energy Information Administration said on Wednesday. [EIA/S]
Crude inventories were down by 8 million barrels in the week to Jan. 1 to 485.5 million barrels, against a Reuters poll showing analysts expected a 2.1 million-barrel decline.
The drop in crude stocks is a typical year-end occurrence as energy companies take oil out of storage to avoid tax bills.
A sustained rise in WTI prices, though, may result in a resurgence in U.S. output.
Trump supporters swarmed the U.S. Capitol on Wednesday, sending it into lockdown, as Vice President Mike Pence refused a demand from the president to cancel his loss to President-elect Biden. Police have declared the situation secure and the certification of the election result has resumed.
"I'm not sure it changes anything fundamentally but what everyone will be looking at is how the equity markets react, as well as the U.S. dollar," said Matt Stanley, senior broker at Star Fuels in Dubai.
"It can be argued that oil has been happy to ride along with the equity market."
On the technical front, #BrentCrude RSI stood at 71.244 the current price is trading Above All the Moving Averages. So, a BUY trade can be executed with the following target and stop-loss:
TRADE SIGNAL- Brent Crude– BUY: 54.10, TARGET:55.50, STOP LOSS:53.50.
Oil gains with supply constraints in focus after #Saudi cuts
Oil prices rose almost 1% on Thursday after a fall in U.S. stockpiles added further support following the unilateral decision by Saudi Arabia, the world's biggest exporter, to cut output over the next two months.
It was not immediately clear how the storming of the #U.S. Capitol by supporters of President Donald Trump would impact oil markets, although some analysts believe President-elect Joe Biden's administration will clamp down on U.S. oil production.
Brent crude was up 44 cents, or 0.8%, at $54.74 a barrel by 0734 GMT, after gaining 1.3% overnight. U.S. West Texas Intermediate (#WTI) gained 51 cents, or 1% to $51.14. The contract rose 1.4% on Wednesday.
Saudi Arabia, the world's biggest oil exporter, said it would voluntarily cut 1 million barrels per day (bpd) of output in February and March, after #OPEC+, which groups the Organization of the Petroleum Exporting Countries and other producers, including Russia, met earlier this week.
A lower dollar, which makes oil cheaper because the commodity is mostly traded using the greenback, is also supporting prices, analysts said.
U.S. crude stocks dropped and fuel inventories rose, the Energy Information Administration said on Wednesday. [EIA/S]
Crude inventories were down by 8 million barrels in the week to Jan. 1 to 485.5 million barrels, against a Reuters poll showing analysts expected a 2.1 million-barrel decline.
The drop in crude stocks is a typical year-end occurrence as energy companies take oil out of storage to avoid tax bills.
A sustained rise in WTI prices, though, may result in a resurgence in U.S. output.
Trump supporters swarmed the U.S. Capitol on Wednesday, sending it into lockdown, as Vice President Mike Pence refused a demand from the president to cancel his loss to President-elect Biden. Police have declared the situation secure and the certification of the election result has resumed.
"I'm not sure it changes anything fundamentally but what everyone will be looking at is how the equity markets react, as well as the U.S. dollar," said Matt Stanley, senior broker at Star Fuels in Dubai.
"It can be argued that oil has been happy to ride along with the equity market."
On the technical front, #BrentCrude RSI stood at 71.244 the current price is trading Above All the Moving Averages. So, a BUY trade can be executed with the following target and stop-loss:
TRADE SIGNAL- Brent Crude– BUY: 54.10, TARGET:55.50, STOP LOSS:53.50.
The report presents a summary of all upcoming and recent fundamental events as well as technical analysis for the major markets.
Daily Report as on 8th February 2021
#TRADESIGNALS
https://www.capitalstreetfx.com/en/technical_analysis/technical-analysis-report-08-february-2021/
#TradeAnalysis #FundamentalAnalysis #StockAnalysis #TechnicalAnalysis #DailyMarketReport #CommodityAnalysis #CapitalStreetFx #AsiaPacificMarketReport #EuropeanMarketReport #USMarketReport #USWallStreet #USCommodityMarket #Forex #ForexMarket #CruidOil #CruidOilMarket #Crypto #CryptoCurrency #CryptoMarket #TopUsStocks #TopEconomicNews #GBPUSD #USDJPY #EURGBP #AUDUSD #DJEUROSTOXX #DJSTOXX #DJEURO #WTI #GOLD #BTCUSD #
Daily Report as on 8th February 2021
#TRADESIGNALS
https://www.capitalstreetfx.com/en/technical_analysis/technical-analysis-report-08-february-2021/
#TradeAnalysis #FundamentalAnalysis #StockAnalysis #TechnicalAnalysis #DailyMarketReport #CommodityAnalysis #CapitalStreetFx #AsiaPacificMarketReport #EuropeanMarketReport #USMarketReport #USWallStreet #USCommodityMarket #Forex #ForexMarket #CruidOil #CruidOilMarket #Crypto #CryptoCurrency #CryptoMarket #TopUsStocks #TopEconomicNews #GBPUSD #USDJPY #EURGBP #AUDUSD #DJEUROSTOXX #DJSTOXX #DJEURO #WTI #GOLD #BTCUSD #
Oil steady amid Texas supply disruptions, potential OPEC+ moves
On the technical front, Brent Oil RSI stood at 84.712 the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL- Brent Oil – BUY 63.90, TARGET:64.90, STOP LOSS:.63.40.
Checkout the link for detailed analysis
https://www.capitalstreetfx.com/en/oil-steady-amid-texas-supply-disruptions-potential-opec-moves/
#OilPrices #CrudeOil #BrentCrude #WTI
On the technical front, Brent Oil RSI stood at 84.712 the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL- Brent Oil – BUY 63.90, TARGET:64.90, STOP LOSS:.63.40.
Checkout the link for detailed analysis
https://www.capitalstreetfx.com/en/oil-steady-amid-texas-supply-disruptions-potential-opec-moves/
#OilPrices #CrudeOil #BrentCrude #WTI
Capital Street FX
Oil steady amid Texas supply disruptions, potential OPEC+ moves - Capital Street FX
Bullish oil prices marked time on Wednesday, as support from supply disruptions in the U.S. south caused by an Arctic blast was offset by expectations that OPEC producers may ease their output curbs after April. U.S. West Texas Intermediate (WTI) crude futures…
Oil prices climb on fears Texas energy freeze may last for days
On the technical front, Brent Oil RSI stood at 85.407 the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL- Brent Oil – BUY 64.40, TARGET:64.90, STOP LOSS:.64.20.
Checkout the link to read in detail
https://www.capitalstreetfx.com/en/oil-prices-climb-on-fears-texas-energy-freeze-may-last-for-days/
#CrudeOil #WTI #OilPrices
On the technical front, Brent Oil RSI stood at 85.407 the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL- Brent Oil – BUY 64.40, TARGET:64.90, STOP LOSS:.64.20.
Checkout the link to read in detail
https://www.capitalstreetfx.com/en/oil-prices-climb-on-fears-texas-energy-freeze-may-last-for-days/
#CrudeOil #WTI #OilPrices
Capital Street FX
Oil prices climb on fears Texas energy freeze may last for days - Capital Street FX
Oil prices rallied again on Thursday to hit 13-month highs as concerns that a rare cold snap in Texas could disrupt u.s Crude output for days or even weeks prompted fresh buying. Brent Crude was up 56 cents, or 0.9%, at $64.90 a barrel at 0744 GMT, after…
Oil prices slip on surprise build in U.S. crude stocks
On the technical front,CRUDE OIL WTI RSI stood at 74.150 the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL- CRUDE OIL WTI – BUY: 62.10, TARGET:63.10, STOP LOSS:61.60.
Checkout the below link
https://www.capitalstreetfx.com/en/oil-prices-slip-on-surprise-build-in-u-s-crude-stocks/
#CrudeOil #BrentCrude #WTI #OilPrices #GulfNews
On the technical front,CRUDE OIL WTI RSI stood at 74.150 the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL- CRUDE OIL WTI – BUY: 62.10, TARGET:63.10, STOP LOSS:61.60.
Checkout the below link
https://www.capitalstreetfx.com/en/oil-prices-slip-on-surprise-build-in-u-s-crude-stocks/
#CrudeOil #BrentCrude #WTI #OilPrices #GulfNews
Capital Street FX
Oil prices slip on surprise build in U.S. crude stocks - Capital Street FX
Oil prices were lower on Wednesday after industry data showed a surprise build in U.S Crude stocks last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut. Crude stockpiles rose by 1 million barrels in the…
OIL PRICES CLIMB ON UPGRADE TO IEA DEMAND FORECAST
Brent Oil was trading 1.13% up at $84.22.
Oil prices rose by about 1% on Thursday after the International Energy Agency said that record natural gas prices will boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supplies.
Brent crude futures gained 87 cents, or 1.1%, to $84.05 a barrel by 1010 GMT after falling 0.3% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures climbed 77 cents, or 1%, to $81.21, more than recouping the previous day’s 0.3% decline.
Brent Oil, RSI Stood at 72.428, the current price is trading Above All the Moving Averages. So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL-Brent Oil– Buy: 84.20, TARGET:-90.20, STOP LOSS:- 81.20.
https://www.capitalstreetfx.com/en/oil-prices-climb-on-upgrade-to-iea-demand-forecast/
#CrudeOil #Crudeoilforecast #BentCrude #Wti #CommodityAnalysis
Brent Oil was trading 1.13% up at $84.22.
Oil prices rose by about 1% on Thursday after the International Energy Agency said that record natural gas prices will boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supplies.
Brent crude futures gained 87 cents, or 1.1%, to $84.05 a barrel by 1010 GMT after falling 0.3% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures climbed 77 cents, or 1%, to $81.21, more than recouping the previous day’s 0.3% decline.
Brent Oil, RSI Stood at 72.428, the current price is trading Above All the Moving Averages. So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL-Brent Oil– Buy: 84.20, TARGET:-90.20, STOP LOSS:- 81.20.
https://www.capitalstreetfx.com/en/oil-prices-climb-on-upgrade-to-iea-demand-forecast/
#CrudeOil #Crudeoilforecast #BentCrude #Wti #CommodityAnalysis
CFDs|Commodities | Stocks | Forex Trading | Broker |Capital Street FX
Oil prices climb on upgrade to IEA demand forecast
Brent crude futures gained 87 cents, or 1.1%, to $84.05 a barrel by 1010 GMT after falling 0.3% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures climbed 77 cents, or 1%, to $81.21