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South Korean Presidents Special Envoy: South Korea will receive 18 million barrels of crude oil from Kazakhstan.South Korean officials say they have secured 273 million barrels of crude oil from four Middle Eastern countries by the end of the year.April 15th - According to local media reports, Japan plans to provide up to $10 billion in financial aid to Southeast Asian countries to help them cope with the impact of soaring oil prices caused by the Middle East wars. Japanese Prime Minister Sanae Takaichi is expected to announce the aid plan during an online meeting with regional leaders on Wednesday afternoon; the plan may include loans and other measures. Reports indicate that Japan imports oil-related products used in the medical field from Southeast Asia, and some countries have low oil reserves, which could lead to supply disruptions.April 15th, Futures News: Economies.com analysts latest view: WTI crude oil futures prices have continued to decline in recent intraday trading, reaching and stabilizing near the key support level of $87.00. This level was previously targeted in our analysis and provided some positive momentum, resulting in a slight rebound that partially recovered earlier losses. At the same time, prices are also attempting to alleviate the clearly oversold condition on the Relative Strength Index (RSI), especially with initial positive signals appearing. Currently, the short-term trend remains dominated by a bearish corrective wave, and with prices trading below the 50-day EMA, negative pressure continues to strengthen, further intensifying the overall bearish pressure.South Korean officials say they received 273 million barrels of crude oil from abroad.

USD/CAD Bears In Control And Aiming At Support Zone Lows

Alina Haynes

Apr 04, 2023 13:53

USD:CAD.png 

 

The USD/CAD exchange rate is unchanged on the day after a succession of negative impulses drove the price into new territory to the downside and deeper into a support region as a result of the oil price rally. The USD/CAD exchange rate was 1.3431 at the time of writing.

 

Monday's 6.3% rise in West Texas Intermediate WTI crude oil to an intraday high of $81.51 strengthened the CAD. The oil price surged after the OPEC+ cartel surprised the market with a production cut of 1.1 million barrels per day to support prices, with the cartel announcing that it will reduce output prior to Monday's ministerial meeting.

 

Analysts at TD Securities observed that the Bank of Canada's Business/Consumer Surveys painted a more dovish picture ahead of the April BoC meeting, with a marked improvement in capacity pressures and consumer inflation expectations.

 

Analysts noted that firm-level inflation expectations continue to be elevated and that consumer growth and income expectations have also increased since the fourth quarter.

 

''The Bank of Canada should be pleased with these results, which indicate a decline in capacity pressures and a moderation in inflationary pressures. However, inflation expectations remain a formidable impediment to near-term relief. If growth does not decelerate substantially in the second quarter, it may be difficult for the Bank of Canada to keep rates at 4.50 percent. Analysts believe that the report is optimistic for CAD.


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