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GemForex | Crude Oil (WTI)

GEMFOREX | 2022-06-23 16:09

Abstract:Crude Oil (WTI) - Rebound in the offing?

WTI: The $100 mark should hold the downside

Prices of the WTI retreated sharply and revisited the $101.00 region on Wednesday. The strong downtick was due to shrinking open interest in the futures market, giving the hint that a deeper pullback is not favored in the near term.

The further downside in prices of the commodity should meet tough support around the $100.00 area.

That said, the black gold is on the downtrend for the second consecutive day, down 1.0% around $102.90, amid early European morning on Thursday.Aclear downside break signal of the three-month-old support line, near $101.00 by the press time, appears necessary for the bears.

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GEMFOREX - weekly analysis

The week ahead: Top 5 things to watch

Review 2023-01-09 21:18

Oil inches higher as OPEC meetings continue

A stronger than expected payroll report last Friday pushed equity markets to another all-time high. The U.S. economy added 850,000 new jobs during June when the consensus expected 700,000. Whilst the headline number looks good, there’s plenty to be worried about under the hood, as the new jobs are mostly in those sectors of the economy that have reopened. For instance, the leisure and hospitality sectors added 343,000 new jobs, education around 269,000, and the retail sector 67,000. These add up to around 80% of the total; this is great at first glance but not in the long run since these sectors do not drive the productivity or wage growth required for sustainable expansion. In particular, the U.S. economy is 70% consumer driven, which emphasizes the importance of a healthy and wealthy labor market. With the country still 7 million jobs short of pre-pandemic levels and most of the recovery happening in low-paying and low-productivity sectors, there is still a long way to go before the

News 2021-12-10 10:21

Oil Countdown: With 48 Hours To OPEC Meeting, Where Are Prices Headed?

It’s the answer every oil trader is seeking, yet will likely get with only a certain degree of accuracy. With about two days left until the all-important ministerial meeting of OPEC+, few things are more crucial than figuring out where oil will be trading before the world alliance of oil producers lays down its policy decisions for December. Dozens of ideas abound on crude prices over the next 48 hours, with as many theories on why they should be so

News 2021-12-10 10:15

Oil and euro slip, markets on edge over COVID-19 curbs in Europe

Asian stocks made a soft start to the week on Monday while oil and the euro were under pressure, as the return of COVID-19 restrictions in Europe and talk about hastened tapering from the U.S. Federal Reserve put investors on guard.

Original 2021-11-22 14:01

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