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Oil Bounces Again on Middle East Turmoil

Oil prices rose as much as 3 percent on Tuesday as tensions in the Middle East escalated following the downing of a Russian fighter jet near the Syrian-Turkish border, and a weaker dollar provided an incentive for investors to buy more oil. Brent futures for January were up 96 cents at $45.79 a barrel at […]

USD/CAD Loonie Flies Higher After Oil and Gold Rally

Turmoil in the Middle East as Turkey Downs Russian Aircraft Geopolitical tension triggered a surge in crude prices after Turkey confirmed it had shot down a Russian warplane that it alleged was entering Turkish airspace and refused to communicate. The USD/CAD depreciated as the Loonie was supported by the higher price of crude. The USD […]

USD/CAD Loonie Lower After Volatile Oil Prices

CAD Lower But Bounces Slightly After Oil Surge The Canadian dollar continued to fall versus the U.S. dollar on Monday. The USD was off to a roaring start to the trading day as the USD/CAD broke through the 1.34 price level and climbed as high as 1.3436 before the CAD got support from rising oil […]

PMI Improvements Shouldn’t Stall ECB Easing

Growth in the eurozone may pick up from its current uninspiring levels if this morning’s release of November PMI readings are anything to go by. The numbers were expected to remain broadly in line with those seen in October but it turns out both the manufacturing and services sectors outperformed in the eurozone this month, […]

Oil Steady at $40, US Jobless Claims Improve

US Crude is showing limited movement on Thursday, trading at $40.00 a barrel early at the start of the North American session. In the US, Unemployment Claims improved to 271 thousand, very close to the estimate. Later in the day, we’ll get a look at the Philly Fed Manufacturing Index. On Wednesday, the Federal Reserve released the minutes of its […]

USD/CAD Canadian Dollar Higher After Less Hawkish FOMC Minutes

The Canadian dollar appreciated versus its U.S. counterpart after yesterday’s release of the minutes from the October Federal Open Market Committee (FOMC). The notes showed that there is still internal division on when to proceed with the first U.S. interest rate hike in a decade. The forecasts still call for a sooner rather than later […]

Crude Oil Steady Ahead of Fed Minutes

US Crude is showing limited movement on Wednesday, trading at $41.17 a barrel early in the North American session. In economic news, US Building Permits improved to 1.15 million, matching the forecast. Later on Wednesday, the Federal Reserve will release the minutes of its October policy meeting, and the markets will be keenly interested in the comments of policymakers regarding a […]

Oil Steady, Markets Eye US Consumer Inflation

US Crude is showing marginal movement on Tuesday, trading at $41.62 a barrel in the European session. In the US, today’s key events are CPI and Core CPI. On Wednesday, the Federal Reserve will release the minutes of its October policy meeting, and the markets will be keenly interested in the comments of policymakers regarding a rate […]

USD/CAD Loonie Higher As US Inflation Fail to Spur USD Gains

USD/CAD Loonie Higher As US Inflation Fail to Spur USD Gains Canadian Currency Losing Oil Support Ahead of Fed Minutes The CAD recovered after yesterday losses after lower than expected Canadian manufacturing sales were published. After the drop in the price of oil the Canadian economy is looking for other sectors to kickstart growth. The […]

USD/CAD Loonie Flat After Volatile Oil Price and Soft Manufacturing

Oil Headed to $40 Before Recovering to $42 Lifting USD/CAD The Canadian dollar had a rough start to week with the release of the Canadian manufacturing sales report coming in below expectations. Forecasts called for a 0.3 percent growth given the weak currency, but sales of manufactured goods fell by -1.5 percent in September. Last […]

Record Oil Glut Stands at 3bn Barrels

A record glut of oil is set to continue into next year and maintain pressure on prices, the International Energy Agency said on Friday. Stockpiles stand at a record three billion, the IEA said in its monthly report. The report has added to falls on European stock markets, with the FTSE 100 shedding almost 1% […]

Are We About to See the Return of the Consumer?

A six week winning streak in U.S. indices is on course to come to an abrupt end on Friday as this weeks’ commodity rout, likely combined with some profit taking in the absence of too much data, takes its toll. This morning’s GDP data from the eurozone has done nothing to lift sentiment in Europe […]

WTI Crude – Support Broken But Momentum Lacking

WTI is on course to extend its losing streak to seven days while at the same time piling pressure on a support area that has held firm since the start of September. After six days of losses, the trend appeared to be weakening with both the stochastic and MACD displaying divergences.However, a report from OPEC […]

Oil Unchanged at $44, US Markets on Holiday

WTI crude is unchanged on Wednesday, trading at $43.63 a barrel in the European session. In economic news, there are no economic releases out of the US, as the markets are closed for Veterans Day. On Thursday, we could more movement on the markets, as the US releases Unemployment Claims. As well, Federal Reserve head […]

OPEC Secretary General Sees Positive Results for Oil Producers in 2016

Oil markets will see some positive results in 2016, OPEC Secretary-General Abdullah al-Badri said on Tuesday, while calling again on non-OPEC producers to share the burden if higher prices were to be achieved through production cuts. “We are following the market day in and day out, month in and month out we see that 2016 […]

OPEC Bets on China Demand to Balance Supply Output

Oil prices may have tanked in the past 18 months due to weak demand in the face of a supply surplus, but the low prices are likely to spur buying, particularly in Asia, that will help rebalance supply and demand even as the Organization of the Petroleum Exporting Countries (OPEC) sticks with its robust production […]

Crude Oil Slips on Brazil Worries

WTI crude is little changed on Wednesday, trading at $45.85 a barrel in the European session.  In the US, there are three key releases – ADP Nonfarm Payrolls, Trade Balance and ISM Non-Manufacturing PMI. On Thursday, we’ll get an additional look at employment data, with the release of Unemployment Claims. Oil prices hit 3-week highs on Tuesday, […]

Oil Under Pressure over Supply Glut

WTI crude is little changed on Tuesday, trading at $45.85 a barrel in the European session. There are no major US events on today’s schedule. Later on Tuesday, the US releases Factory Orders, with the markets expecting a decline of 0.8%. Traders should keep a close eye on several US key events on Wednesday, led by Nonfarm […]

Oil Falls as Demand Shrinks and Output at Record High

Oil prices fell on Monday as weak Chinese economic data fueled concerns about demand slowing there and record-high production in Russia exacerbated the global supply glut. Brent crude futures LCOc1, the global benchmark, traded down 50 cents at $49.06 a barrel at 1428 GMT (09:28 a.m. EDT), down 1.1 percent. U.S. futures were trading at […]

Oil Price Could Liquidate Russian Reserve Fund

Russian Finance Minister Anton Siluanov prompted more concerns over the health of the Russian economy Tuesday when he said there was a danger that the country’s vast Reserve Fund could be entirely exhausted in 2016 if oil prices stay at their current level. He told members of the upper house of parliament that if oil […]

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