Oil to remain under pressure

3 August, 2016

Oil prices remained weak on Wednesday staying below US$40 a barrel bringing the total losses to over 5 percent in a week as worries of an oversupply and US dollar weakness surrounded the market.

At 8.49am (GMT) U.S. West Texas Intermediate crude was trading at US$39.44 a barrel while Brent crude was trading at US$41.67.

Over the last week the fall of the US dollar against a basket of major currencies has been attributed to the drop in the oil price as it makes the commodity cheaper for holders of other currencies.

There is also news that some smaller drillers from the US are returning to the oil fields which is expected to add more pressure to the oil price.

Libya is also planning to ramp up production which may see oil come under further downward pressure in the nearest future.

"In the last 72 hours, there have been reports of successful negotiations to re-open blockaded oil terminals in Eastern Libya and U.S. airstrikes against Daesh (ISIS) in Sirte. These increase the chances of a production ramp near-term, from 300,000 barrels per day to 600,000 bpd," Noted analysts from Morgan stanley. "longer-term production growth still looks challenging." they added.


Source link  
Trump's moves may pressure oil

After hitting a 3 year high a little less than 2 weeks ago, the oil price has tumbled nearly 10 percent and things may be set to get worse as Saudi Arabia...

Gold receives a double boost

The gold price has received a significant boost over the past few trading sessions on the back of economic and Geo political developments which may...

Can gold finally breakout?

The gold price received a much-needed boost yesterday after disappointing data from the US hit the market which cast doubts over the state of the US economy...


Is gold stuck in a bear market?

The US dollar has been on a stellar run over the last few weeks against most of the major currencies and commodities such as gold, which is why...

Dollar to continue its recent strength

It seems as if the market has finally woken up to the potential of the US dollar after the recent gains it racked up against most major currencies over the past week...

Rates in Australia going up or down?

The Australian dollar can’t seem to find a direction in today’s trading session after yesterday’s losses following the latest minutes from the Reserve...


Wage growth boosts pound

The British pound received another boost today against its US counterpart after a round of solid local data which follow’s on from news earlier in the week...

Gold remained largely range bound

Gold has remained largely range bound over the past 4 trading sessions but it seems as the today there is momentum gaining to the upside and the formation...

Stagflation a threat to US dollar

The US dollar jumped suddenly after yesterday’s release of better than expected inflation data and then suddenly reversed into negative territory which...


In the past 24 hours Bitcoin has lost -0.84% and reached $6511.67. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -1.4373% and is now at $1.1592. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -6.06% and is now at $500.553. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets88%
2FXTMFXTM87%
3HYCMHYCM85%
4FIBO GroupFIBO Group80%
5FxProFxPro77%
6FXCMFXCM74%
7Alfa-ForexAlfa-Forex72%
8HotForexHotForex71%
9XMXM70%
10Blue TradingBlue Trading67%
  


Share: