collected by :Jack Alex
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GOLD TECHNICAL ANALYSIS – Gold prices put in a bearish Dark Cloud Cover candlestick pattern, hinting a turn lower may be ahead.
Chart created using TradingViewCRUDE OIL TECHNICAL ANALYSIS – Crude oil prices continue to push up against key support at 47.22 (50% Fibonacci retracement, rising trend line) but a confirmed break remains elusive.
Gold prices snapped a six-day winning streak as US Treasury bond yields rose, tarnishing the appeal of non-interest-bearing assets.
Last week, the figures showed that the number of active oil extraction installations rose to the highest since September 2015.
The CFTC reported that large speculators cut long WTI crude oil futures bets by the most in at least 11 years last week.
as informed in
Oil prices have edged higher with some further relief that important support levels held, although underlying over-supply concerns have continued to limit scope for gains.
The latest crude positioning data will be an important focus once the data is released late in the US session.
After sliding ahead of the US open on Thursday, crude prices gained some relief later in the session with WTI finding support on approach to $47.50 p/b.
Oil prices were reported to have gained some support from a reduction in Saudi Arabian exports to the US, although any positive impact on prices is likely to be offset by expectations of rising US production which lessens the need for imported oil.
Prices also edged stronger in Asia on Friday, although there was selling interest near $48.20.
as informed in
Oil Prices Face Upward Pressure as US Drilling Falters
Kristian Rouz – Recent news of the gains in US oil extraction have produced only a limited downward effect to the global oil prices as in fact many US oil rigs are not fully assembled are ready for re-commissioning.
US oil prices rose slightly on Friday as crude imports from Saudi Arabia have decreased.
Brent benchmark futures rose 9 cents per barrel overnight to $50.65/bbl, whilst US oil rose to $47.85/bbl, up 15 cents.
Besides, the decrease in the Saudi oil supply to the US in another factor supporting the Brent benchmark price at around $50/bbl or higher.
Subsequently, despite the recent decline in oil prices, the oversupply concerns are currently ungrounded.