Author: Oil N' Gold

Greenback’s Strength Weighed on Commodities

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Commodities fell across the board, as the rise in greenback weighed on USD-denominated assets. In the oil markets, traders continued to take profit from the recent rally, unloading their long positions from the current elevated levels. The front-month …

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BOE Hike, Powell as New Fed Chair, US Tax Plan… All As Expected. Focus Now On Nonfarm Payrolls

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Events in the UK and the UK roiled the financial markets. BOE’s dovish rate hike accelerated British pound’s selloff which had started a few hours before the official announcement. US President Donald Trump announced that he has nominated Jerome Powell…

The post BOE Hike, Powell as New Fed Chair, US Tax Plan… All As Expected. Focus Now On Nonfarm Payrolls appeared first on crude-oil.news.

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Crude Oil Prices Slipped on Higher US Output

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The front-month WTI crude oil contract retreated, after rising to a 10-month high of US$ 55.22/bbl (just 2 cents shy of 2017-high of US$ 55.24/bbl) earlier in the day. Traders took the EIA inventory data as a reason for profit-taking. The WTI contract …

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Crude Oil Rallied 5-7% in October, Wide WTI-Brent Spread Might Encourage US Exports

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Recording 5-7% gains in October, crude oil prices began the third quarter in a good shape. The key drivers for the rally were geopolitical tensions aided by OPEC/ non-OPEC verbal support for extension of the output cut deal. Whether the strength can su…

The post Crude Oil Rallied 5-7% in October, Wide WTI-Brent Spread Might Encourage US Exports appeared first on crude-oil.news.

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Weekly Fundamentals – Brent Crude Broke Above US$ 60/bbl

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Oil’s rally gathered momentum on Friday as Saudi Arabia reinforced support of extending the output cut deal beyond March 2018 and Iraqi conflicts have shown no signs of abating. While these two factors had sent the Brent crude contract above US$ 60/bbl…

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Abe Secures Two-Third Majority in Snap Election, Yen Lower

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Landslide victory of PM Shinzo Abe’s Liberal Democratic Party (LDP) at the snap election has sent USDJPY to the highest level since July. Unlike other currencies that tend to strengthen in light of erasure of domestic uncertainty, Japanese yen, as a sa…

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Weekly Fundamentals – Geopolitics and Fall in US Rigs Sustained Oil’s Rally

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Driven by geopolitical tensions in the Middle East and helped by further decline in US inventory and oil rig counts, oil prices clung onto gains last week. Both crude oil benchmarks rallied to the highest levels in the middle of the week but then retre…

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WTI-Brent Spread Widens as Tension-Ridden Regions are Suppliers of European Oil

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Crude oil rallied to fresh three-week highs on intensified geopolitical tensions in the Middle East, and between the US and Iran. The front-month WTI crude oil contract fained +0.82% to settle at 51.87 while the Brent contract jumped +1.14% to close at…

The post WTI-Brent Spread Widens as Tension-Ridden Regions are Suppliers of European Oil appeared first on crude-oil.news.

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IEA Indicates Oil Balance Outlook Depends on OPEC Production

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Crude oil prices retreated for the first time in 4 days as trader took profit. The losses were contained by a report showing US inventory decline last week. The front-month WTI crude oil contract dropped -1.36% while the Brent contract was down -1.21%….

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Weekly Fundamentals – Crude Oil Profit-Taking Continues

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Energy prices dropped on Friday although Saudi Arabia and Russia affirmed the possibility to extend the output cut deal to end -2018. Both crude oil benchmarks ended the week lower as profit-taking continued. The front-month WTI contract plunged -4.61%…

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