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.
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.
Octa trading broker
Open trading account
Back

WTI loses the $58 handle and sight of higher levels peaceful geopolitical optimism

  • Repeated failures on the 58 handle for higher levels has lead to the deterioration in the price.
  • Prices appear to be discounting a peaceful resolution to the Saudi crisis.

The price of a barrel of oil declined on Tuesday as forever changing outlooks for Suadi oil production makes for volatility on the black gold, with renewed optimism that Saudi Arabia is making progress in restoring production. West Texas Intermediate crude, on a spot basis, fell over 2% on Tuesday, dropping from a high of $58.49 to a low of $56.85. Futures, for November delivery, lost $1.09, or 1.9%, at $57.55 a barrel on the New York Mercantile Exchange. 

A peaceful resolution to the Saudi crisis is priced in.

"While the EU presented a united front with the United States in blaming Iran for sole responsibility in the attacks on Saudi's energy sector, crude markets remain concerned that weak demand growth and rising non-OPEC supply will keep crude markets from tightening," analysts at TD Securities explained.  

"While participants are anxiously awaiting an announcement from the Saudis on the geographic location of the cruise missiles launches, prices appear to be discounting a peaceful resolution to the crisis. In this context, crude oil is not ripe for unconditional love."

WTI levels

Repeated failures on the 58 handle for higher levels has lead to the deterioration in the price all the way back to the 61.8% Fibo and August resistance just below the 57 handle. For now, the 50 and 200 daily moving averages are holding up. and offering support. On the upside, a clearing of the 59 handle will ope prospects for the April highs at 66.58 on the wide. 

Case for more Fed "insurance" grows - ING

"A sharp fall in consumer sentiment is a surprise and may reflect recent equity market volatility and a spike in gasoline prices," note ING economists
Read more Previous

Brexit: House Leader Mogg will address Parliament on Wednesday

Boris Johnson's decision to suspend Parliament was unlawful, the Supreme Court has ruled today and UK PM Johnson has now said that the Conservative P
Read more Next