Oil sits at multi-month troughs

2 August, 2016

Oil benchmarks on both sides of the Atlantic snapped a minor-bounce and traded modestly flat ahead of the European open, as investors remain wary heading towards the inventory report due to be published by the API later on the day.

WTI defending $ 40 mark

Currently, both crude benchmarks now pare gains and trade almost unchanged, with Brent managing to hold $ 42 mark, while WTI hovers just ahead of 40 barrier. Oil prices remain vulnerable going forward as oversupply worries continue to persist, with markets now awaiting fresh supply data for fresh incentives.

Moreover, the black gold remains weighed down by overproduction prevalent in crude as well as in the refining sector. While bearish crude CFTC data also keeps any recovery short-lived in oil. Speculators increased their shorts by the biggest volume on record for the US oil, dragging the net long position in WTI to its lowest since February, CFTC data showed.

Amid omnipresent supply glut fears, oil fails to find support from ongoing broad USD weakness backed by poor run of US economic data. Next of relevance for oil remains the API inventory report due to be published later today. While the official government crude reserves report published by the EIA will be released on Wednesday.


Source link  
Gold sticks to modest gains around $1425

Persistent global trade worries continue to benefit the commodity's safe-haven status. A fresh leg of a downfall in the US bond yields...

USD longs extended by leveraged funds

According to the CFTC's positioning data for the week ending 11 June 2019, leveraged funds turned net USD buyers after four weeks of selling...

EUR/GBP recedes from recent highs

EUR/GBP keeps the positive note so far in the mid-0.8800s. After printing tops near 0.8870 on Friday, the cross recedes some ground. Uncertainty...


Gold eases from near 2-week tops

The global flight to safety continues to fuel the ongoing positive move. A goodish pickup in the US bond yields now seemed to cap further gains...

Gold stuck in tight range above $1290

Upbeat sentiment weighs on the precious metal. US Dollar Index retreats to 97 area. Coming up: ADP private sector employment and non-manufacturing...

GBP/USD drops sharply to 1.3080

Increased odds of no-deal Brexit, USD rebound knocks-off GBP/USD. All eyes remain on Brexit headlines, US macro data and EU Summit...


Gold rebounds from 200-hour SMA

The precious metal stalled its overnight sharp retracement slide from 1-1/2 week tops and managed to find decent support/regain positive traction...

Dollar retreats farther from year tops

Fed rate hike uncertainty kept the USD bulls on the defensive at the start of a new trading week. Global growth concerns underpin safe-haven demand...

Gold remains vulnerable

On Tuesday, the precious metal faced rejection near a short-term descending trend-line, extending from over three-month tops set in October through highs...

  


Share it on:   or