Crude oil prices are at an all-time high as inflation and production fluctuate. Where is WTI?

Crude Oil, USD, AUD / USD, AU CPI, RBA China – Discussion points

  • Raw oIl prices are supported by USD softening On top products
  • A.P.AC. shares Inflation slows down as it passes.
  • As energy demand grows, oil is an easy substitute.Oil can rise?

Crude oil is currently the world’s largest oil producer. The S&P 500 set another record in the US session, but stocks were soft in Asia today. Increasing US / China geopolitical tensions and increasing production above expectations Australian CPI Data damaged stocks.

According to a report from the American Petroleum Institute, which is funded by the industry, crude oil has fallen sharply today, with the Oklahoma-based storage facility depleted.

If so, it will go a long way in explaining the calendar between previous contracts. Traders are paying a premium for the current oil. The market awaits EIA / DOE report tonight to clarify product levels.

The West Texas Medium is currently 84.08 barrels per print. Today’s talks between Iran and the European Union could affect oil prices.

The Federal Communications Commission (FCC) has banned China Telecom from operating in the United States for national security reasons. The Chinese government, Teleco, has warned that this could happen in 2020, along with China Unicom, the United States and Commune (USA).

Billionaire and Evergreende group founder Huay Kayan has been asked by Chinese officials to help the company’s debt crisis.

U.S. tech stocks were mixed overnight, but Deutsche Bank reported a hard-fought loss today.

Australian dollar and G-10 products rose sharply today after Australia’s CPI numbers.

Australia’s third-quarter headline inflation rose 0.8% q / q to 0.8%. Annual headline rate is 3.0% y / y compared to 3.1%. The RBA preferred cut-off average is 0.7% q / q and is estimated at 0.5%, with an annual reading of 2.1% y / y compared to 1.8%.

For the first time since the outbreak, the Australian government has traded more than 1% of its three-year bond. RBA is currently working on the Curriculum Control (YCC) with an Australian government bond of 0.10 per cent for April 2024. Last week, they bought $ 1 billion to bring the product to target. Today it returned to levels before the intervention, more than 0.2%.

Looking to the future, the UK budget will be available, information on US endurance items will be released, and so on. Bank of Canada price decision. The market is not expecting a price change, but it is expecting more weekly buyers.

Technical analysis of crude oil

Crude oil is on the upward trend as it shows a 7-year growth rate on Monday.

Opposition may be higher at 85.41 recently. On the downside, there may be opposition to the previous low of 80.78, 79.42, 74.96 and 73.14.

Chart CRepeated in TradingView

— Written by Daniel McCarthy, strategist for DailyFX.com

Use the comment section below to find Daniel or @DanMcCathyFX On Twitter

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