EUR/USD 1.17907
-0.064%
Gold 3352.57
-0.131%
Oil 66.029
-1.034%
USD/JPY 143.866
0.152%
GBP/USD 1.36620
0.197%
GBP/JPY 196.557
0.401%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Market News: The Russian Defense Ministry said that Russian troops took control of the Milovyov Razine settlement in eastern Ukraine.German Chancellor Merz: Germany will apply for at least two of the five AI super factories in the EU. We do not want our data to be stored in the United States or other countries.July 3, Russias auto market shrank in the first half of 2025 as high borrowing costs and fees deterred many potential buyers, which threatened to reverse the industrys two-year rebound growth. Data from the European Business Association showed that from January to June this year, sales of Russian passenger cars and light commercial vehicles fell to 546,430 units, down 27% from the same period last year. The organization also lowered its forecast for 2025 by about 9 percentage points, and now expects a 24% drop from last year.German Chancellor Merz: The United States is pushing us to implement more banking supervision, but it does not apply these rules to itself, so we need to rethink this issue.July 3, Ukraines Energy Ministry said on Thursday that the European Union has increased the maximum capacity for electricity imports from Ukraine by 38.5%, giving Kiev an opportunity to earn money to rebuild power facilities destroyed by Russian attacks. The new limit of 900 megawatt-hours will last until August 1 and will then be reviewed monthly. Before the outbreak of the Russian-Ukrainian conflict in 2022, Ukraine began exporting large amounts of electricity to the European Union. After Russia destroyed Ukrainian power generation facilities, Ukraine stopped power supplies and then restored them earlier this year. "Increasing the maximum export capacity is an important step that will make it easier to balance the Ukrainian energy system," said Ukrainian Energy Minister German Galushchenko. "It will also allow Ukrainian power plants to make extra profits to cope with the consequences of the Russian attack and prepare for the winter."

WTI justifies Thursday's Doji to advance to $69.00 with cautious optimism

Alina Haynes

Mar 17, 2023 13:44

 截屏2022-08-04 下午5.10.59_1024x576.png

 

On Friday, WTI crude oil shows modest gains near $68.65 as it recovers from its largest weekly loss since early December. In doing so, the energy benchmark justifies price-positive technical details while also drawing cues from the cautious optimism of the market.

 

Nevertheless, the bullish Doji candlestick formation on the daily chart combines with the oversold RSI (14) line to favor WTI crude oil's rebound from the lowest levels since December 2021. The most recent retreat of the US Dollar as well as prospects of overcoming the concerns of the 2008 financial crisis could bolster the corrective bounce.

 

It should be noted that the Bloomberg-shared headlines indicating China's gradual economic recovery, along with the discussions indicating a continuation of the Oil supply accord by the major energy producers, favor purchasers of black gold.

 

However, US President Joe Biden's drive to utilize the Strategic Petroleum Reserve (SPR) and the looming economic recession concerns emanating from US and European banks appear to impact on WTI prices. US Energy Envoy Amos J Hochstein stated earlier in the day that President Biden is committed to replenishing strategic oil reserves.

 

Notable is that Saudi National Bank's chairman Ammar Al Khudairy's remarks about Credit Suisse's "sound" conditions coincide with major US banks' efforts to assist California-based First Republic Bank in avoiding a liquidity crisis, thereby boosting the risk-on sentiment. Credit Suisse plans to borrow up to 50 billion Swiss francs (CHF) from the Swiss National Bank (SNB) to bolster liquidity, and Reuters cites anonymous sources as saying that US institutions are less susceptible to the Credit Suisse scandal. Moreover, US Treasury Secretary Janet Yellen's assurances regarding the health of the US banking industry and the European Central Bank's (ECB) 50 basis point (bps) rate rise, which was in line with expectations, also boosted sentiment and enabled the most recent increase in the Oil price.

 

On the contrary, a light calendar and the market's lack of faith in global policymakers' efforts to delay the financial crisis appear to drag on the price of oil.

 

Ten-year and two-year US Treasury bond yields display a lack of direction while reflecting market sentiment, as yesterday's rebound fails to supplant the two-week downtrend. However, Wall Street closed in the black with benchmark indices gaining more than 1.0%, while S&P 500 Futures remain lackluster as of late.

 

Moving forward, speculators should keep a watch on the Federal Open Market Committee (FOMC) monetary policy meeting the following week. Prior to that, initial readings of the US Michigan Consumer Sentiment Index for March and the UoM 5-year Consumer Inflation Expectations for the aforementioned month will be crucial for establishing distinct directions.

 


Suggestion