The still heavy long positioning in the U.S. precious metals futures are about to have their metals tested if the charts are anything to go by.GoldLong-suffering bullish gold traders had more reason to worry overnight, as they looked up into the sky and saw the vultures circling over their positioning....
Oil steadied above $62 a barrel on Tuesday as expectations of a drop in U.S. crude inventories and prolonged supply curbs by OPEC and other producers countered rising output in the United States.An OPEC-led producer group last week extended a supply-cutting deal through 2018, but the resulting support for...
The OPEC’s November decision on the extension of the agreement, which establishes strict borders and limits for the oil extracting countries, was quite logical. The agreement has been extended at least until the end of 2018. So, the main question for the nearest future is how the OPEC is...
Vienna readies for OPEC decision day as markets see a final shuffling of the positioning chairs before today’s fireworks.Crude oil had a very choppy session overnight as the street chased its tail back and forth on rumours and headlines ahead of today’s official OPEC meeting in Vienna. Both Brent...
OPEC and Russia look set to prolong oil supply cuts until the end of 2018 this week while signaling that they may review the deal when they meet again in June if the market overheats. With oil prices rallying above $60 per barrel, Russia has questioned the wisdom of extending...
Both Brent and WTI crude continue to drift lower ahead of Thursday’s OPEC/Non-OPEC meeting in Vienna.The divergence in price behaviour between Brent and WTI continued overnight. Although both contracts fell, WTI had much the worse of it, falling 1.90% to 57.65 as the overbought technical indicators and the imminent...
Oil trading shows signs of life in Asia trading with, WTI dropping on a higher Baker Hughes while Brent holds steady.The price action in crude diverged in Asia this morning with WTI falling 0.40% to 58.55 while Brent crude enjoyed a small 0.12% gain to 63.88. The difference in...
Oil prices eased on Thursday, with U.S. crude falling away from two-year highs reached the day before, but the shutdown of the Keystone pipeline and a drawdown in fuel inventories continued to bolster markets despite worries over rising output. U.S. West Texas Intermediate (WTI) crude futures were at $57.89 a...
One of the biggest drivers of the Australian dollar is the iron ore prices. Western Australia is the world’s largest iron ore producer. As a result, the Australian economy is expected to perform better with stronger iron ore prices. Iron ore futures declined by almost 30% since August and...
Talking PointsGold traders await FOMC minutes Oil at its highest point since July 2015Gold  Gold still stuck in a consolidation mode and we are not seeing much action from traders ahead of the FOMC minutes. The FOMC minutes have the ability to move the dollar index which impacts the...
Keystone pipeline travails and a more substantial than expected drop in crude inventories saw crude gush higher in Asian trading.WTI races higher in Asian trading as TransCanada announced it would reduce shipments by 85% on its Keystone crude pipeline until the end of November. It is due to its attempts to...
The oil market has another reason to recover. At the beginning of last week, they were selling oil because there were rumors that Russia had no interest to extend the OPEC+ agreement, but at the end of it the price movement direction changed to the opposite. Saudi Arabia announced...
Oil prices rose on Tuesday as traders looked to a meeting next week at which major crude exporters are expected to extend production cuts, though rising U.S. output capped gains.Brent crude oil was up 47 cents at $62.69 a barrel at 0932 GMT. U.S. light crude was at $56.74,...
Precious metals benefit from the street’s mass dollar exit on Friday with both gold and silver making pleasing technical developments. Gold Gold’s umbilical-like inverse price action to the U.S. dollar has been once again underlined on Friday. As the U.S. bowed before all and U.S. yields dropped, Gold rocketed higher and...
Oil prices were steady on Friday but on track for the first weekly fall in six weeks, under pressure from surging U.S. supplies and creeping doubts over Russian support for continuing a cut in crude output. Brent crude futures, the international benchmark for oil prices, were at $61.23 per barrel...
Oil prices tanked overnight as an overbought commodity market finally ran out of steam.The long-awaited short-term correction in oil prices finally occurred overnight with Brent and WTI, both plunging some 3% as commodities prices, in general, were cratered on fears of slowing growth in China. To be fair, given...
Production of crude rose by 100,000 barrels per day to a total of 97.5 million, the International Energy Agency said on Tuesday. The monthly report revealed a revision downward in the estimate for the increase in demand for this year and 2018, both by 100,000 barrels per day, to...
The past week has been relatively interesting on the Crude Oil news front as OPEC quietly released their `’World Oil Outlook’ report. As usual, the cartel largely shrugged off the growing risk around the arrival of peak oil demand and largely painted a picture of improving price stability. However,...
Crude’s recent price action remains uninspiring with technical indicators still very overbought.Crude oil limped into the weeks end with both Brent and WTI finishing nearly unchanged, as they effectively had for the previous five days, marking the end of a sideways week. As the dust settles on the intraday...
Technical resistance and overbought short-term indicators are setting of more red lights on Brent and WTI charts as we head into the week’s end.Oil traded with lots of noise overnight, but ended the session becalmed, with both contracts closing within 30 cents of their opening levels. This has been the...
The short-term technical picture for crude oil’s rally gets even more cloudy following overnight inventory data.Oil prices spiked higher initially overnight to test the week’s highs before an unexpected rise in the EIA Crude Inventories, pulled the rug from under oil’s feet. Both Brent and WTI gave back all...
Our weekly journey through the precious metals and commodities CFD’s available with OANDA. Jeffrey analyses each using a combination of technical and fundamental analysis.Its been all action this week as crude oil maintains its charge higher as Brent and WTI make 2-year highs. This has also woken Natural Gas...
Gold coat-tailed the commodities rally overnight to post a one percent gain and close at 1281.70, unwinding all of Friday’s losses.The mass arrests of prominent officials and businesspeople in Saudi Arabia appears to have spooked the markets with oil in particular and base metals all producing spectacular gains.Asia has...
Oil prices continued to be front and center for traders in a relatively quiet market. Brent crude surged 3.5% to trade above $64 on Monday, after the arrests in Saudi Arabia raised investors’ concerns over the stability of the Middle East region. Comments from Saudi Gulf Affairs Minister Thamer...
Oil prices continued to march higher on both sides of the Atlantic early Monday. In the early trading hours, Brent reached a high of $62.44, a level last seen in July 2015, and represents a 40.8% surge from June’s lows. There’s no doubt that OPEC and Co. have been...
Gold and Silver are looking shaky as the week starts, with Saudi Arabia’s new broom looking as if it will provide only temporary relief.GoldThe U.S. dollar reigned supreme following Friday’s U.S. employment data which was bad news for gold, as it wilted and fell from its highs at 1280.60 to 1265.50...
The past few weeks have seen crude oil prices surging as plenty of rhetoric, along with some fundamental bumps, have buoyed the commodity. Subsequently, both WTI and Brent prices have reached levels not seen since the latter part of 2016. In particular, the price of Brent has risen above...
Gold and Silver continue attempting to base as a Tokyo holiday squashes Asian volatility ahead of tonights crucial U.S. employment data.The aviation days of my youth featured some colourful sayings from the Air Force flight line. One of them being  “try not to buy the farm today Office Cadet...
The oil is still getting more expensive. Last Friday, the Brent futures contract price for December broke $60 per barrel and continues rising at the beginning of this week. The “bulls” clearly had enough time to “rest” during the weekend and right now are ready for new highs. The...
It has been a long time coming, but the structural backwardation and some serious Saudi rhetoric finally see Brent Crude march through OPEC/Non-Opec’s price Nirvana of $60.Oil ran rampant on Friday as the Saudi Crown Prince’s comments that Saudi Arabia supports a production cut extension and falling U.S. inventories...