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Crude Oil, WTI, Bent, US Dollar, NFP, FOMC, HSI, RBA, BoC, ASEAN, G-20 – Talking Points Crude oil ’s leap to new highs appears intact for now with A combination of production cuts and an inventory rundown boosted oil After today’s US holiday, a busy week lies ahead. Will WTI keep climbing? Understanding the Core Fundamentals of Oil Trading The crude oil price is holding onto loft levels going into a new week of trading after making fresh highs on Friday with markets mostly seeing a good US jobs report. The WTI futures contract made a 10-month peak at US$ 86.09 while the Brent contract traded above US$ 89 for the first time since January. Production cut announcements from Saudi Arabia and Russia exasperated a fragile market after US inventory data revealed a surprising run down of stocks over the week prior. Last week, the American Petroleum Institute (API) inventory report showed -11.486 million fewer barrels, while the US Energy Information Agency (EIA) weekly petroleum status report revealed a notable drop of -10.584 million barrels. Friday’s US non-farm payrolls ( NFP ) were seen as positive overall with more jobs added than anticipated but the unemployment rate saw an […]
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