Oil

With the number of Coronavirus cases and deaths and still increasing rapidly and an end of the economic standstill not in sight, it is difficult to see the recent stock market rally as sustainable. The GER30 (DAX) is still in a strong…

The loonie has traded sideways lately, as support from a rally in oil prices was offset by growing speculation for rate cuts by the Bank of Canada (BoC). In this context, the inflation data due on Wednesday and the retail sales figures on…

The commodities complex had a particularly volatile run in 2018, with flaring trade tensions, mounting concerns around slowing global growth, and a stronger US dollar being behind the abysmal performance of most commodities. In 2019, the…

The Organization of Petroleum Exporting Countries (OPEC) and its allies will meet in Vienna on Thursday, and expectations for a production cut to stabilize oil prices are riding high. With investors appearing confident such a reduction will…

The Bank of Canada (BoC) will announce its rate decision on Wednesday at 1500 GMT, and expectations are for policymakers to take no action. The loonie will probably be driven by any signals regarding the likelihood of a rate hike at the…

WTI crude oil futures (October delivery) have been trading within a sharp ascending channel over the past two weeks in the 4-hour chart, creating a bullish correction after the rebound on the 2-month low of 64.40. Currently, the oil is…

West Texas Intermediate (WTI) crude oil has advanced considerably and recorded a fresh three-and-a-half-year high of 70.80. The oil price retreated after the bounce off the mentioned level and the short-term technical indicators are…

WTI crude oil futures have reversed back up again after finding support at the 38.2% Fibonacci retracement level of 61.41 of the downleg from 66.60 to 58.15 and reached a two-week high of 62.82 today. Prices successfully broke above the…

While OPEC and its allies have been restricting their output in order to rebalance the oil market, other major producers like the US have taken the opportunity to increase their own production. If this pattern continues, OPEC would likely…

WTI crude oil futures are edging marginally lower today, following the pullback from the 3-week high of 64.20 resistance level. When looking at the bigger picture, price action maintains a bullish tone, however, a small downside retracement…