Crude oil sinks as the US dollar soars ahead of OPEC +. Will the supply tap out for WTI?

Crude oil, US dollar, OPEC +, AUD, NZD, USD / JPY, USD / CHF-Talking points

  • Crude oil oil price Slip as U.S. dollar Strengthened in risk-off seizures
  • APNSC stock movesNSJapanese stocks lead and fall
  • Energy products maintain high volatility. Where to get WTI crude oil??

crude oil WTI futures contracts fell below $ 76.00 from the closing price of $ 78.39 in New York, down more than 3%. At the OPEC + meeting this Thursday, we will discuss the level of output.

In Asia today U.S. dollar A new strain of coronavirus has been identified by the World Health Organization, causing a surge against risk assets.

Some countries have banned flights from many African countries in the southern continent. This is the time when the market is considering the Fed to accelerate its tapering pace. Expectations for these tightenings may be reviewed.

Yields on G-10 government bonds fell everywhere and on every curve as the market ran for coverage. As risk aversion has taken hold, there is a need for assets that are considered safe havens.

US dollar / yen Below 115.00, USD / CHF Also, it has become lower.

Linked growth Australian dollar Despite the release of positive data, it fell. Australia’s retail sales were 4.9% in October, compared to a 2.2% forecast and a previous reading of 1.3%. However, it was not enough to move the market perception dial to the RBA tightening timeline.

NS New Zealand dollar Despite hearing hawkish rhetoric from Reserve Bank of New Zealand Deputy Governor Christian Hawksbury, there was also pressure.

Stocks were hit hard by Japanese stocks under the brunt of the door stampede. NS Nikkei 225 The index decreased by 3% at some point. Major indices in Australia, China, Hong Kong, New Zealand and South Korea all fell by about 1-2%. US futures are shaped for red days.

Gasoline and heating in Asia today oil Joined crude oil in the march below, but New York Mercantile Natural gas The contract showed a strong backlash. At the Dalian Commodity Exchange, the price of iron ore fell below US $ 80 per ton. gold When Silver It changed a little.

At this point, it is unclear whether this market perception indicates a diversion or temporary disruption in the absence of US liquidity. There are a number of ECB and BoE speakers that will hit the wire later.

Crude oil technical analysis

Crude oil has recently fallen towards the uptrend line, which now intersects at 75.45. This may be a support level.

Recent lows at 74.96 and 100 days Simple Moving Average (SMA), Currently at 74.42, we may also provide support.

On the top, resistance levels that allow recent highs of 79.33 and 81.81.

chart NSRating on TradingView

— Written by Daniel McCarthy, strategist at

To contact Daniel, use the comments section below or @DanMcCathyFX On twitter

Crude oil sinks as the US dollar soars ahead of OPEC +. Will the supply tap out for WTI?

Source link Crude oil sinks as the US dollar soars ahead of OPEC +. Will the supply tap out for WTI?

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