Last week, oil found itself in an ugly position again, but was able to find support via the low-end of a range created during Jan/Feb. The bounce on Thursday brought with it limited follow-through to end the week, however; the price action for the week resolved in the form of a reversal candle that could set into motion some more buying in the days ahead. Next week might not bring with it rip-roaring power, as oil is already failing to ...
China Oil Imports Rise as Teapot Refinery Demand Overwhelms Port Oil imports by China, the world’s biggest consumer after the U.S., rebounded amid strong buying by independent refiners that have helped push the country’s crude demand to a record and overwhelmed one of the country’s biggest ports with tanker traffic. Inbound shipments during April totaled 32.58 million metric tons, data from the Beijing-based General Administration ...
Cheap Oil: Too Much Of A Good Thing? The 40% drop in oil prices over the past 6 months has garnered a lot of attention recently, most of it focused on the economic stimulus lower oil prices should provide the global economy, the impact on currency and fixed-income markets and the increase in economic pain suffered by exporters such as Iran and Russia. In this article, I draw on historical data to assess the potential increase in geopolitical ...
On Monday, prices of oil dropped after the one-day rally with Japan, the fourth largest importer of crude falling into recession and the OPEC meeting nearing without agreements to cut the production. The strength of the dollar against the euro, yen and other currencies weighed on oil prices. According to Reuters, the benchmark Brent crude’s contract for the front month dropped ...
Talking Points: US Dollar Sets 4-Year High, Working on 7th Straight Up DayS&P 500 Edging Downward as Sellers Eye September BottomGold Aims to Extend Down Move After Hitting a 9-Month Low US DOLLAR TECHNICAL ANALYSIS – Prices are working on a seventh consecutive advance, extending to a new four-year high. A daily close above the 38.2% Fibonacci expansion at 11130 exposes the 50% level at 11200. Alternatively, a reversal back below the 23.6% Fib at 11043 clears ...
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