Brent Oil strengthens as US oil rig count drops

7 March, 2016

Asian traders reacted to a drop in US oil rig count by sending Brent oil prices above $39/barrel levels, the highest since Dec 11, 2015.

Trades above 100-DMA

Prices are trading above 100-DMA for the first time since July 3, 2015. A Baker Hughes report released in the late NY session on Friday showed the US energy firms cut oil rigs for an 11th week in a row to the lowest level since December 2009.В 

Furthermore, investors are also focused on the possibility of OPEC and non-OPEC producers signing a production freeze accord at the planned meet on Mar 20th.В 

Consequently, both benchmarks – WTI and Brent – edged higher by at least 1.5% each.В 

Brent Technical Levels

Brent futures currently trade around $39.45/barrel. The immediate hurdle is seen at $40 (psychological figure), which if taken out could see prices test supply around $42.19 (Aug 24, 2015 low). On the other hand, a break below immediate support at 38.91 (100-DMA) could see futures drift lower to 36.14 (Jan 29 high).


Source link  
Gold bounces off lows

Renewed trade-war fears push USD higher and prompt some fresh selling. Reviving safe-haven demand lends some support and helps limit downside. Fed...

GBP futures downside looks limited

In light of advanced data for GBP futures markets from CME Group, investors scaled back their open interest positions by almost 1.8K contracts on Thursday from...

Gold clocks 10-day highs near $1263

Technical correction extends above $ 1260 amid broad-based USD weakness. Lingering US-Sino trade tensions support, as the focus shifts to the US CPI...


Dollar holds below mid-94.00s

Lingering trade war fears keep the USD bulls on the defensive. Thin liquidity conditions also hold traders from placing aggressive bets. This week's important...

Dollar clings to daily gains above 95.00

The greenback, in terms of the US Dollar Index (DXY), is sticking to the positive territory so far today and so far manages well to keep the trade above 95.00...

US Dollar rebounds beyond 94.80

The greenback bounces off lows, approaches 94.90. Yields of the US 10-year note remain sidelined so far. NAHB index came in below expectations in June...


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...


In the past 24 hours Bitcoin has lost -0.12% and reached $6582.00127079. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 0.6352% and is now at $1.1587. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -6.94% and is now at $210.720571798. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Forex Market Analysis



Forex Currencies Forecasts



Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets91%
2FXTMFXTM88%
3HYCMHYCM87%
4Alfa-ForexAlfa-Forex86%
5FxProFxPro85%
6FIBO GroupFIBO Group84%
7OctaFXOctaFX83%
8HotForexHotForex82%
9FXCMFXCM80%
10AvaTradeAvaTrade77%
  


Share: