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.
Back

Oil Price Forecast: WTI drops below $25 ahead of EIA data

  • Russia doesn't expect oil demand to recovery quickly.
  • Sharp drop in US private sector employments revive energy demand concerns.
  • US crude oil inventories expected to increase by 7.7 million barrels last week.

After posting decisive gains on Monday and Tuesday, crude oil prices came under strong pressure on Wednesday. The barrel of West Texas Intermediate (WTI), which rose more than 30% in the last two days, slumped to a daily low of $24.75 before recovering modestly. As of writing, the WTI was down 6.6% on the day at $25.30.

Demand concerns return

Earlier in the day, Russian Deputy Energy Minister Pavel Sorokin said that they were not expecting the global oil demand to return to the pre-crisis level quickly. Sorokin further argued that a second of wave of an economic slowdown was still possible.

Meanwhile, the monthly data published by the ADP Research Institue showed that the private sector employment in the US declined by more than 20 million in April. Ahead of Friday's NFP report, this reading reminded investors of the unprecedented impact of the coronavirus outbreak on the US economy and weighed on the market sentiment.

Later in the session, market participants will be keeping a close eye on the US Energy Information Administration's (EIA) Weekly Petroleum Status Report. Experts forecast that the report will show an increase of 7.7 million barrels in the US crude oil stocks in week ending May 1st.

EUR/USD: Battling with the 1.0800 price zone

The EUR/USD pair is trading around 1.0800 and at risk of falling further, according to FXStreet’s Chief Analyst Valeria Bednarik. Key quotes “The fina
Read more Previous

EUR/CHF: Clouds gathering above the psychological 1.0500 – Credit Suisse

Pressure is mounting again in EUR/CHF as the pair approaches the psychological 1.0500, analysts at Credit Suisse apprise. Key quotes “EUR/CHF is back
Read more Next