WTI records small gains, settles above $66

After recording a $2 drop and closing the previous week above the $65 handle, the barrel of West Texas Intermediate started the new week in a quiet way and edged lower toward $65 before making a recovery in the NA session. As of writing, in the post-settlement trade, the barrel of WTI is trading at $66.10, adding 30 cents, or 0.5%, on the day.

Today's headlines failed to dissipate the uncertainty surrounding a possible OPEC supply hike. "Last week, we saw some news stories indicating that the Trump administration had asked OPEC to increase oil production. But the week went out and we saw those stories walk back. And now we're seeing a number of OPEC producers who are in favor of the status quo," Andrew Lipow, president of Lipow and Associates in Houston, told Reuters.

Commenting on rumors of the US administration asking for an output hike, Suhail Al Mazrouei, the current head of OPEC and energy minister of the United Arab Emirates, said that they haven't received any official or unofficial communication on that issue.

On the other hand, earlier today in a published statement, Iraq's Oil Minister Jabar al-Luaibi said that oil market still needed support and stability and argued that the market's higher supply could cause a big harm to the global markets. 

Ahead of the important meeting on June 22, OPEC headlines are likely to continue to dominate crude oil's price action. Later this week, inventory data from the United States will also be followed closely especially following last week's surprise increase.


© FXstreet

Press Release: Major Slump in Economic Outlook
EUR/JPY Technical Analysis: Consolidates after 100...


No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Tuesday, 24 September 2019

Latest Spot Rate

24 September 2019
European open - Recession, Brexit, gold, oil - MarketPulseMarketPulseHome/Commodities/Currency/FX/GBP/Indices/Market PulseShare 0Europe pares losses but recession fears lingerEuropean stocks are off to a decent start on Tuesday, paring some of Monda...
24 September 2019
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic comme...
24 September 2019
Media Release Number 2019-26: The Reserve Bank today released the September 2019 Assessment of the ASX Clearing and Settlement Facilities. The Assessment concludes that ASX's clearing and settlement (CS) facilities 'observed' or 'broadly observed' al...
24 September 2019
 Another Fed rate cut last week helped precious metals, while comments on last week’s low level US-China trade talks from the US as “productive” and from China as “constructive” also helped sentiment in the agricultural sector, building hopes for a h...
24 September 2019
The United States’ improved PMI data overnight continued to confound the sceptics as the economy appears to continue to swim strongly, saving Wall Street from the malaise that struck Asia and particularly, European stocks. Actually, it is more of a d...
How It Works | About | Contact | Privacy Policy | Forex Marketing
© 2009 - 2019 Forex Forum. All Rights Reserved. Risk Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.