CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
    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

    WTI consolidates near weekly top, just below mid-$76.00s amid Middle East tensions

    Source Fxstreet
    Feb 9, 2024 10:48

    • WTI maintains its bullish bias after Israel rejected Hamas's ceasefire deal.
    • A combination of factors keeps a lid on any further appreciating move.
    • The black liquid remains on track to register strong weekly gains.

    West Texas Intermediate (WTI) US Crude Oil prices struggle to capitalize on strong weekly gains registered over the past four days and oscillate in a narrow trading band through the first half of the European session on Friday. The commodity, however, holds steady above the $76.00/barrel mark, or the weekly top and remains well within the striking distance of a technically significant 200-day Simple Moving Average (SMA).

    Israel's Prime Minister Benjamin Netanyahu has rejected a proposal to end the war in the Palestinian enclave, raising the risk of a further escalation of geopolitical tensions in the Middle East – the major Oil producing region. This comes on top of the continuous US strikes against Iran-backed Houthi targets in Yemen, which has been fueling supply concerns and is seen acting as a tailwind for Crude Oil prices. That said, a combination of factors is holding back traders from placing aggressive bullish bets and capping the upside.

    Investors remain concerned about a weaker demand outlook in the wake of slowing economic growth in China – the world's top Oil importer. Adding to this, output from Norway and Guyana is increasing, while Russia is exporting more crude in February in the wake of damage to refineries from Ukraine's drone attacks and technical outages. This, to a larger extent, offsets the US refinery maintenance, which, along with a bullish US Dollar (USD),  bolstered by hawkish Federal Reserve (Fed) expectations, keeps a lid on Crude Oil prices.

    Nevertheless, the black liquid remains on track to register strong weekly gains as market participants look forward to the crucial US consumer inflation figures next week for cues about the Fed's rate-cut path. In the meantime, the lower US output growth forecast by the Energy Information Administration (EIA), along with persistent geopolitical risks, might continue to lend some support to Crude Oil prices.

    Technical levels to watch

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
    placeholder
    Gold prices rebound with buyers capitalizing on dip as geopolitical tensions easeGold recovered some ground on Wednesday after posting back-to-back negative sessions during the beginning of the week as geopolitical risks abated.
    Source  Fxstreet
    Gold recovered some ground on Wednesday after posting back-to-back negative sessions during the beginning of the week as geopolitical risks abated.
    placeholder
    Silver Price Forecast: XAG/USD slumps from two-year high near $28.30 on hot US Inflation dataSiver price (XAG/USD) retreats from fresh two-year high of $28.36 after the United States Bureau of Labor Statistics (BLS) reported that the consumer price inflation turns out sticky.
    Source  Fxstreet
    Siver price (XAG/USD) retreats from fresh two-year high of $28.36 after the United States Bureau of Labor Statistics (BLS) reported that the consumer price inflation turns out sticky.
    placeholder
    Natural Gas drops on stronger US Dollar, gloomy demand outlookNatural Gas (XNG/USD) sank below $1.80 on Thursday after prices already slid by more than 3% on Wednesday.
    Source  Fxstreet
    Natural Gas (XNG/USD) sank below $1.80 on Thursday after prices already slid by more than 3% on Wednesday.
    goTop
    quote