Oil rebounds in Europe on Russian output cut talks

28 January, 2016

Oil benchmarks on both sides of Atlantic are extending their winning streak into a third-day this Thursday as markets are hopeful over production cuts by major global producers.

Oil prices have found a bottom?

Currently, WTI rises 1.60% to 32.81, while the Brent oil jumps 2.42% to 34.75. Oil prices are benefiting from the ongoing chatter that major oil producers including, Russia, Nigeria and Venezuela have called in for production cuts in a bid to bolster prices. Further, Russia plans to discuss over output cuts with Saudi Arabia, which keeps the prices supported.

Moreover, markets appeared to shrug off the bearish EIA stockpiles data and rather focused on crude stocks at the Cushing, Oklahoma delivery hub, which fell by 771,000 barrels. The EIA report showed that US crude inventories climbed by 8.4 million barrels last week, higher than expectations for a rise of 3.3 million barrels.

Attention now turns to a host of US macro releases for further cues on the dollar-denominated crude oil.


Source link  
WTI downside opening up to $69.50

Looks vulnerable amid OPEC, non-OPEC output lift talks, stronger USD adds to the weight. Technical set up also indicate further downside risks...

Gold climbs back closer to weekly tops

Dovish FOMC minutes prompt some USD profit-taking and help regain positive traction. Sliding US bond yields/cautious mood provides an additional boost...

Gold eases from 1-month tops

Gold surrendered early modest gains to fresh 1-month tops and is currently placed near session lows, touched in the past hour. Easing fears of a full-blown...


Pound celebrates on positive headlines

Last week a UK government official reportedly signalled that progress had been made on the transition deal. However, unanswered questions have...

Gold weakens farther below $1320 level

Gold continued losing ground at the start of a new trading week and tumbled to fresh session lows, around $1315 in the past hour. Following an early...

Dollar risks getting dumped

While today's US inflation report is getting touted as being key for the short-term direction of travel for global markets, we're a bit more sceptical...


Gold drops to 4-month low

Gold (XAU/USD) hits a four-month low of $1256. 08 today as yield curve continues to collapse on speculation that tax reform would open doors for faster...

Euro approaching the support level

A break of $1.1800 would be technically important. Sterling, like the euro, appears to have traced out a reversal candlestick pattern-shooting...

Gold holds steady near 6-week highs

Gold trimmed of the early gains to a six-week high and retreated to the $1262 region during early the European session, albeit has managed to hold...

  


Share: