Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Commodities

WTI Crude rises on geopolitical tensions post US GDP data

Source Fxstreet

WTI up nearly 2%, driven by robust US economy and Middle East tensions.
Red Sea disruptions, including Maersk ship incidents and Russian refinery drone attack, heighten oil supply worries.
US crude stockpile declines due to severe weather and positive Chinese economic recovery signs bolster oil prices.

West Texas Intermediate (WTI), the US crude oil benchmark, rose almost 2% on Thursday following the latest release of Gross Domestic Product (GDP) figures in the United States (US). Geopolitical tensions in the Middle East sponsored the so-called “black gold” leg up, and at the time of writing, Oil trades at $76.82 per barrel after bouncing off a daily low of $75.19.

Oil prices bolstered by Middle East tensions and US stockpile drawdowns

Tensions in the Middle East are causing disruptions in global trade. The recent incident involving Maersk ships that were carrying US military equipment refrained from training into the Red Sea after hearing explosions that forced two ships to retreat despite being escorted by the US Navy.

Meanwhile, sources cited by Reuters commented that energy markets are beginning to reflect supply chain disruptions, linked to the Red Sea conflict. This could underpin Oil prices, which rose for the aforementioned reasons, along with a drone attack on a Russian Oil refinery.

In the meantime, a larger-than-expected draw in crude stockpiles in the US due to extreme cold weather was a tailwind for WTI prices

Meanwhile, expectations that China’s economy is recovering were cheered by Oil bulls following the People’s Bank of China (PBoC) decision to reduce bank reserves on Wednesday.

WTI Technical Levels

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Ethereum Drops Below $2,000 After Plunging Over 20% in a Month as Odds of $1,500 Retest Surge Ethereum Plunges Over 20% in a Month, Risking a Retest of $1,500 After Losing the $2,000 Defense Line.On November 13, Ethereum (ETH) plunged more than 5%, officially falling below the key

Author TradingKey

10 hours ago

Ethereum Plunges Over 20% in a Month, Risking a Retest of $1,500 After Losing the $2,000 Defense Line.On November 13, Ethereum (ETH) plunged more than 5%, officially falling below the key

Gold Price Forecast: Gold Tumbles Below $3,900 as Trump Says No Need for Iran Deal; Can October PPI Spur a Rebound? As of the Asian session on Friday (November 13), gold prices (XAUUSD) rebounded intraday following Thursday's sharp decline, trading near $3,910. Previously, gold tumbled 2.76% on Thursda

Author TradingKey

12 hours ago

As of the Asian session on Friday (November 13), gold prices (XAUUSD) rebounded intraday following Thursday's sharp decline, trading near $3,910. Previously, gold tumbled 2.76% on Thursda

Brent rose 3.3% and US crude stocks built 4.66 million barrels in the same week Brent January settled at 95.82, up 3.3%, and WTI at 88.74, up 2.55%, after the US signalled it would not pursue a deal with Iran and attacks on Gulf shipping continued. In the same week, EIA data showed US crude inventories rising 4.657 million barrels against expectations of a 1.1 million draw, with gasoline up another 1.799 million. OPEC output also rebounded 1.96 million barrels a day to 27.16 million in October, led by Saudi Arabia at 10.56 million. This piece separates the geopolitical premium from the physical balance and lays out where each side of the trade is anchored.

Author Irene Q.

16 hours ago

Brent January settled at 95.82, up 3.3%, and WTI at 88.74, up 2.55%, after the US signalled it would not pursue a deal with Iran and attacks on Gulf shipping continued. In the same week, EIA data showed US crude inventories rising 4.657 million barrels against expectations of a 1.1 million draw, with gasoline up another 1.799 million. OPEC output also rebounded 1.96 million barrels a day to 27.16 million in October, led by Saudi Arabia at 10.56 million. This piece separates the geopolitical premium from the physical balance and lays out where each side of the trade is anchored.

Gold hit a one-year low while central banks bought 321 tonnes — the sellers were never the ones you think Spot gold closed at 3,876 on Thursday, down 2.8% and its lowest close in more than a year, with an intraday low near 3,852. The dollar is at a 19-month high of 103.21 and the 10-year yield is at 5.10%, so the price move is easy to explain. What is harder to explain is who sold: central banks bought 321 tonnes in Q3, the PBoC added for a 24th straight month, ETF holdings are near a record 4,256 tonnes, and roughly 95% of the futures selling came from non-reportable and sovereign-type accounts rather than hedge funds. This piece separates the two books that have to balance.

Author Irene Q.

16 hours ago

Spot gold closed at 3,876 on Thursday, down 2.8% and its lowest close in more than a year, with an intraday low near 3,852. The dollar is at a 19-month high of 103.21 and the 10-year yield is at 5.10%, so the price move is easy to explain. What is harder to explain is who sold: central banks bought 321 tonnes in Q3, the PBoC added for a 24th straight month, ETF holdings are near a record 4,256 tonnes, and roughly 95% of the futures selling came from non-reportable and sovereign-type accounts rather than hedge funds. This piece separates the two books that have to balance.

Today’s Market Recap: Nvidia Drops Over 4% After Jensen Huang Resigns, AMD and Broadcom Both Rise Over 5% On November 12, the three major U.S. stock indices closed slightly lower. Nvidia announced that Jensen Huang had stepped down immediately as CEO and director, draggi

Author TradingKey

17 hours ago

On November 12, the three major U.S. stock indices closed slightly lower. Nvidia announced that Jensen Huang had stepped down immediately as CEO and director, draggi

Related Instrument