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  
Is Yen finished as a safe haven currency?

Along with the Swiss Franc, the Japanese Yen has historically been the other currency that the market has deemed a safe haven in times of financial instability...

Trump may drive down the oil price

The oil price has risen around 13 percent over the last 10 days which has pushed up gasoline prices in the US to uncomfortable levels and with elections...

Trade wars and risky currencies

Traders might be wise to avoid the riskier currencies and park their money into stronger one's such as the US dollar or Japanese Yen as the US gets ready...


Fed will dictate the gold price

After bouncing off a more than 6 month low in yesterday's trading session gold has continued to drift higher today, and some say for the precious metal to make...

Is gold loosing its safe haven status?

Gold maybe losing its status as a safe haven asset according to some analysts after failing to capitalize on recent events happening around the world...

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...


In the past 24 hours Bitcoin has gained 1.73% and reached $7450.99. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.3727% and is now at $1.1646. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 4.75% and is now at $465.22. 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
1easyMarketseasyMarkets90%
2FXTMFXTM88%
3HYCMHYCM86%
4FIBO GroupFIBO Group79%
5FxProFxPro78%
6FXCMFXCM73%
7AvaTradeAvaTrade69%
8HotForexHotForex68%
9XMXM68%
10Alfa-ForexAlfa-Forex66%
  


Share: