WTI weighs anchor as CFTC shows significant cut in bullish bets

January 11, 2016

Stock markets in Asia are extending their diving ahead of important economic releases in the region and Tokyo Exchange is closed on holiday today. The S&P index is down 1.95%, ASX 200 shows the same drop and the main indicator of Chinese economic health – Shanghai Composite – extends last week’s losses by 0.93%.

Investors are keeping tabs on fuel tensions in the Middle East expecting another spin in the collision between Saudi Arabia and its allies and Iran. Another point of focus is official economic statements from China, which actions (as was proven last week) can deliver serious distress to local and world stock markets.

This week, investors expect the release of China Trade Balance (Wednesday), which will indicate the pace Chinese economy recovers with and give clues on further monetary policy of Chinese authorities.

Important economic data from the US to be released this week might also be worth looking at, especially the US Retail Sales(Friday), Manufacturing Prices and Consumer Sentiments. On Thursday, a protocol of BoE meeting will be published, so volatility for GBP is expected.

WTI resumed decrease in Asian session and is likely to ripple over next trading sessions. Economic growth in China shows no substantial signs of upturn and Hedge Funds exit from their bullish bets on Oil cutting them to 5-year low (-50,000 contracts) according to CTFC report. The prices depressed by 2.5% extending last week’s significant 10% loss finding daily low at 32.26 and then bouncing to 32.35 as of 07:42 GMT today.

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