Headline Driven Oil Stays On The Boil
MarketPulse | Apr 10, 2017 05:19
Crude continued its great comeback into the finish of the week, as geopolitical tensions in the Middle East overrode an anaemic Non-Farm Payrolls and yet another jump in the Baker-Hugh’s Rig Count. Both Brent and WTI have now recouped all of their March losses, with Brent, in particular, looking the more constructive on the technical picture.
Both crudes will continue to be headline rather than fundamentally driven this week. Although Friday’s Syria strike was almost certainly a one-off, with so many players in proximity, the situation will remain “fluid” to say the least. Early Asia trading appears to have received another boost with the news that a U.S. carrier battle group has been dispatched to waters of the Korean peninsula on sabre-rattling duty.
WTI spot basis has traded 0.5 cents higher in early Asia trade and has resistance at 52.70 and then 54.60.
Brent spot basis will open with a bid tone around 55.00 with resistance at 56.00 initially. Above here looms the key 57.00 level with a daily close above being a very bullish indicator of potentially more gains ahead.
Original post
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.