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11 Apr 2017

WTI settles above $53

Crude oil prices recorded strong gains on Monday and refreshed its monthly top with the barrel of West Texas Intermediate settling at $53.14 recording a 1.72% gain on the day.

News of an another shutdown at Libya's largest oilfield over the weekend suggested that the supply output is going suffer further and supported the prices as the trading week went under way. Besides, geopolitical tensions in Syria remain high, raising concerns over a potential negative impact on neighboring producers such as Iran, Iraq and Saudi Arabia.

  • Libya’s biggest oil field Sharara said to halt production - BBG

Crude oil prices were further supported by the statements from Kuwait Oil Minister Essam Al-Marzouq who forecasted the global crude stocks to continue to drop in coming months. 

  • New York Fed: Oil prices rose again owing to increasing demand and decreasing supply

Technical outlook

The barrel of WTI is facing the first technical resistance at $53.80 (high Mar.6) before $54.44 (Mar. 1 high) and $55 (psychological level). On the downside, supports could be found at $52.30 (daily low), $51.50 (Apr.7 low) and $51 (psychological level).

  • Oil: Markets are balancing in alignment with fundamentals - Natixis

 

 

Apr 11, 2017

EUR/USD unresponsive to Yellen's comments

The price action of the EUR/USD pair remains subdued as the greenback is not showing any sharp reactions to Fed's Chairwoman Janet Yellen's comments.
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Apr 11, 2017

NZD/USD inches higher to daily highs after Yellen

The NZD/USD pair edged higher towards 0.6970 in the US afternoon as the US Dollar Index remained below 101 following the remarks from Chairwoman Janet
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