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Market news: SK Hynix is considering a US listing as part of its expansion plans.December 10th, Futures.com analysts latest view: WTI crude oil futures closed lower after hitting the key support level of $58.20. Despite intensified selling, holding this level provided intraday stability, benefiting from this technical bias, but failing to restore upward momentum. Crude oil prices continue to face significant downward pressure below the EMA50, limiting the possibility of a rebound, and are influenced by a short-term rising wedge pattern, which reinforces the bearish bias and supports further declines.December 10th, Futures.com analysts latest view: Spot gold has risen slightly in recent intraday trading, benefiting from its stable position above the 50-day moving average, maintaining a dominant upward trend in the short term and moving along the secondary trendline supporting this trend. This stability is conducive to the continuation of the upward momentum, but whether it can ultimately continue depends on the recent upward momentum. On the other hand, the Relative Strength Index (RSI) has reached a clearly overbought level, appearing excessive compared to the price action, and is beginning to form a negative confluence signal. This could increase the ability to gain additional profits in the short term, but unless its momentum can strengthen above the current level, it may face a temporary pullback.According to a joint statement by the leaders, tariff negotiations between Indonesia and the United States are progressing as planned.Microsoft 365: We are actively investigating this issue and have observed some degree of service recovery.

WTI recovers to $87.50 on Iran, OPEC+ buzz

Daniel Rogers

Sep 02, 2022 14:38

 截屏2022-09-01 下午4.56.12_1024x576.png

 

WTI crude oil prices consolidate weekly losses near a two-week low in Friday's Asian session. The energy benchmark hails the expected output drop from major suppliers while ignoring US-Iran oil deal discussions. The market's consolidation before the US jobs data seems to favor the latest commodity bounce.

 

Reuters reports that OPEC+ will meet on September 5 amid a backdrop of dropping prices and demand, even as top producer Saudi Arabia claims supply remains tight. OPEC+ this week reduced its demand estimate, now projecting demand to lag supply by 400,000 bpd in 2022 and 300,000 bpd in 2023.

 

On a second page, Reuters sources Iranian official news as claiming Iran has given a 'constructive' response to US suggestions aimed at restoring the 2015 nuclear deal.

 

Covid-led lockdown in China's Chengdu joins gloomy Manufacturing PMIs and hawkish Fedbets to squeeze WTI crude oil prices.

 

US 10-year Treasury rates decrease one point from late June's highs to 3.25 percent, while two-year bond coupons fall from a 15-year high. The CME's FedWatch Tool predicts a 74% chance of a rate hike in September, up from 69%.

 

Looking ahead, oil traders will watch the US Nonfarm Payrolls (NFP) and Unemployment Rate for August for fresh impulse.

 

Although $85.30-50 horizontal support limits the black gold's immediate fall, recovery is elusive until reaching the 50-DMA and 200-DMA, around $95.15-30.

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