Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
16 Nov 2018

WTI erases daily recovery gains, looks to settle below $57

  • OPEC plans to cut output by 1.4 million barrels.
  • Russia shows no interest in additional supply cuts.
  • The total number of active oil rigs in the U.S. rises to 888.

After closing the previous days higher, crude oil extended its recovery on Friday but failed to preserve its momentum in the second half of the day with the barrel of West Texas Intermediate turning flat near $56.50 in the last hour. As of writing, WTI was trading at $56.70, adding only 14 cents on a daily basis.

Reports of OPEC planning to introduce an additional output cut of 1.4 million barrels next year became the primary driver of crude oil's modest rally this week. However, citing two sources familiar with talks, Reuters yesterday reported that Russia was not interested in joining a new supply-cut agreement and made it difficult for oil prices to continue to rise. Meanwhile, the weekly report released by Baker Hughes Energy Services showed that the total number of active oil rigs in the U.S. rose to 888 this week to hint at increasing output.

Commenting on the latest developments in the oil market, "A relief rally was in the cards. OPEC is likely to be spurred to action as U.S. production continues to climb. Still, the day's gains were likely to be limited as traders were cautious going into the weekend," Bob Yawger, director of energy futures at Mizuho in New York, told Reuters.

Technical levels to consider

The initial resistance for the WTI aligns at $58 ahead of $59.30 (Nov. 13 high) and $60 psychological level. On the downside, supports are located at $55.90 (daily low), $54.75 (Nov. 13 low) and $53.90 (Nov. 1, 2017, low).

Nov 16, 2018

EUR/GBP Technical Analysis: Euro bulls looking at 0.9000 target next week against the British Pound

EUR/GBP daily chart EUR/GBP is trading at the top of the bear channel as it broke above all the main simple moving averages (SMA).  Technical indi
Read more Previous
Nov 16, 2018

EUR/USD consolidates strong weekly gains near 1.1400

The US dollar extended losses and pushed EUR/USD further above 1.1400. The last move lower came after a US President Trump mentioned China wants to ma
Read more Next