GemForex | Crude Oil (WTI)
Crude Oil (WTI) - Rebound in the offing?
Oil inches higher as OPEC meetings continue
A stronger than expected payroll report last Friday pushed equity markets to another all-time high. The U.S. economy added 850,000 new jobs during June when the consensus expected 700,000. Whilst the headline number looks good, there’s plenty to be worried about under the hood, as the new jobs are mostly in those sectors of the economy that have reopened. For instance, the leisure and hospitality sectors added 343,000 new jobs, education around 269,000, and the retail sector 67,000. These add up to around 80% of the total; this is great at first glance but not in the long run since these sectors do not drive the productivity or wage growth required for sustainable expansion. In particular, the U.S. economy is 70% consumer driven, which emphasizes the importance of a healthy and wealthy labor market. With the country still 7 million jobs short of pre-pandemic levels and most of the recovery happening in low-paying and low-productivity sectors, there is still a long way to go before the
Oil Countdown: With 48 Hours To OPEC Meeting, Where Are Prices Headed?
It’s the answer every oil trader is seeking, yet will likely get with only a certain degree of accuracy. With about two days left until the all-important ministerial meeting of OPEC+, few things are more crucial than figuring out where oil will be trading before the world alliance of oil producers lays down its policy decisions for December. Dozens of ideas abound on crude prices over the next 48 hours, with as many theories on why they should be so
Oil and euro slip, markets on edge over COVID-19 curbs in Europe
Asian stocks made a soft start to the week on Monday while oil and the euro were under pressure, as the return of COVID-19 restrictions in Europe and talk about hastened tapering from the U.S. Federal Reserve put investors on guard.
Oil Trades Near $80 as Global Power Crisis Set to Boost Demand
Oil steadied near the psychological $80-a-barrel mark as a global power crunch rattled the market while OPEC+ output has been slow to ramp up.
Oil Goes Gangbusters but May Face Short-Term Pressure
WTI on Wednesday found some stability at $45.0 and climbed to an intraday high of $46.24, an eight-and-a-half-month high since Mar. 6.
Oil Rallies to Six-Month High on AstraZeneca’s Vaccine Breakthrough
On Monday, WTI crude refreshed the recent high to $43.35 with an intraday gain exceeding 2%.
Greater Upside Pressure for Oil as US Returns to Lockdown
On Thursday, several regions in the US went back to lockdown amid the worsening pandemic, dragging the DXY down to 92.0. WTI crude has temporarily found some stability at $41.30 but will see further upside pressure in the short term.
Will Oil Prices Rise on Continuous Positives?
WTI crude oil has seen its second consecutive week of gains, while oil prices may get a tailwind from the continuous upbeat news of vaccine and the situation in the Middle East.
Oil Price Rallies 4% at Low Level but Demand Sees Weak Momentum
Yesterday (Aug 3), WTI rallied and recovered to $41 after establishing firmer footing at $40. Nevertheless, oil price may still struggle to test $40 barrier in the wake of a gloomy demand outlook.
Oil Demand Limited Its Price Trend
Recently oil’s strong resistance level is at 40-41 USD, which manifests slightly mitigated risk aversion in market. However, oil price is unlikely to be strong due to the oil demand under the outbreak of coronavirus pandemic.
List of 25 oil companies most at risk of debt default: Fitch - Business Insider
A collapse in demand fueled by the coronavirus pandemic is hammering the oil and gas industry.
The 3 winners and 3 losers when oil prices collapse - Business Insider
In the wake of negative oil prices, companies with storage assets or pipelines come out on top and traders with long positions sink to the bottom.
Negative oil prices mean producers will pay people to take their oil - Business Insider
US crude oil was trading in negative territory on Monday for the first time in history. That means producers will pay people to take oil from them.
Fitch list of highest-risk energy bonds, risk of 'imminent default' - Business Insider
Nearly half of Fitch's "top bonds of concern" are oil and gas companies, which have been hammered by the collapse in demand for crude oil.
Goldman Sachs: Steep oil cuts won't reverse the oil price meltdown - Business Insider
Oil-producing countries will likely agree to cut supply, but the banking giant says even a steep cut won't reverse the price downturn.
Goldman Sachs: Steep oil cuts won't reverse the oil-price meltdown - Business Insider
Oil-producing countries will likely agree to cut supply, but the banking giant said even a steep cut wouldn't reverse the price downturn.
Stocks, oil, bitcoin surge after Fed boosts coronavirus stimulus - Business Insider
"The Fed is now providing backstops for pretty much everything."
Oil price, gold spikes fizzle after Iran attack as escalation fears wane - Business Insider
Gold punched above $1,600 for the first time since 2013, and oil spiked. But the gains fizzled. "They've barely scratched the US," says an analyst.
US, Saudis search for 'smoking gun' tying Iran to oil site attacks
The US and Saudi Arabia are looking for evidence proving Iranian culpability as the two countries weigh their responses to the debilitating attacks.
