Friday, March 31, 2023
  • Login
  • Register
btclive365.com
  • Home
  • Cryptocurrency News Today
  • Bitcoin (BTC)
  • Altcoins
  • Blockchain
  • Crypto Mining
  • CryptoCurrency Predictions
  • Defi
  • Dogecoins
  • Earn Crypto
  • Ethereum (ETH)
  • Forex Trading
  • ICO
  • Litecoin ( LTC )
  • NFT
  • Ripple
  • Trend cryptocurrency
No Result
View All Result
  • Home
  • Cryptocurrency News Today
  • Bitcoin (BTC)
  • Altcoins
  • Blockchain
  • Crypto Mining
  • CryptoCurrency Predictions
  • Defi
  • Dogecoins
  • Earn Crypto
  • Ethereum (ETH)
  • Forex Trading
  • ICO
  • Litecoin ( LTC )
  • NFT
  • Ripple
  • Trend cryptocurrency
No Result
View All Result
btclive365.com
No Result
View All Result
Home Forex Trading

WTI fades US CPI-led recovery around mid $85.00s amid mixed demand-supply concerns

btclive365 by btclive365
November 10, 2022
in Forex Trading
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


  • WTI Crude Oil fails to defend the rebound from the lowest levels in 12 days.
  • Covid woes in China, easy headlines over Russia-Ukraine war challenge energy buyers.
  • Softer US inflation, fears surrounding EU’s “correction mechanism” probe sellers.
  • Risk catalysts will be more important for near-term directions.

WTI buyers relinquish control, following the black gold’s bounce off a two-week low, as traders seek fresh clues to defend the US inflation-led recovery during early Friday. That said, the energy benchmark retreats to $85.50 by the press time.

In addition to a lack of major data/events, as well as the US bank holiday, mixed signals surrounding the demand-supply matrix also challenge the WTI buyers to extend the post-US Consumer Price Index (CPI) run-up.

Among them, concerns surrounding China’s coronavirus conditions act as a major drawback. The dragon nation reported a slight decline in the daily covid figures the previous day but the outcome still remained near the highest levels in six months. Also, multiple lockdowns and fears of worsening virus conditions, as well as the zero-covid policy, highlight fears of lesser demand from the world’s biggest commodity user.

Elsewhere, Russia’s retreat from Kherson and a lack of major negatives over the previously dominant geopolitical fears seem to also weigh on the black gold prices. It should be noted that the increase in weekly oil inventories and looming fears of global recession also exert downside pressure on the black gold.

That said, a surprise eight-month low in US CPI triggered the WTI’s run-up the previous day as the US Dollar Index (DXY) dropped towards the lowest levels in two months after the inflation data pushed back the hawkish Fed bets.

Further, the European Union’s (EU) readiness to curb the gas price, despite witnessing mixed responses for its method citing a firm price cap, suggests further action from Russia and may help the oil prices. The European Commission will propose a gas price “correction mechanism” to the 27 EU states on Friday, a measure aimed at easing price spikes but not the firm cap sought by many countries, according to sources and documents seen by Reuters.

It’s worth noting that the risk-on mood keeps the oil buyers hopeful but the US bank holiday and a light calendar test the traders of late.

Technical analysis

WTI buyers need to provide a daily closing beyond the support-turned-resistance line from late September, around $87.15 by the press time, to regain the market’s confidence.

 



Source link

Previous Post

Bahamas securities regulator freezes FTX assets

Next Post

Grantee Roundup: March 2021 | Ethereum Foundation Blog

btclive365

btclive365

Next Post

Grantee Roundup: March 2021 | Ethereum Foundation Blog

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 23.8k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest

How to sell Bitcoin – Bitcoin Magazine

November 9, 2022

Add a Tangible Asset to Your Portfolio: Buy Gold

January 7, 2023

Building Bitcoin Standard In Portugal – Bitcoin Magazine

November 9, 2022

USD/ZAR Rallies as SA President Ramaphosa Faces Potential Impeachment

December 1, 2022

Bitcoin price hits 2-week lows as FTX ‘bank run’ drains BTC reserves

1

Building Homesteader Lifestyle With Bitcoin – Bitcoin Magazine

1

Arbitrum dealings activity rockets 550% since August: Delphi Digital

0

Bitcoin․com Doubles Down on Self-Custody With Launch of Verse DEX – Press release Bitcoin News

0

USD/JPY to fall progressively toward 124 by year-end – ANZ

March 31, 2023

Here’s how the crypto industry is using artificial intelligence

March 31, 2023

Bitcoin Witnessed Larger Transactions in March

March 31, 2023

Room for further consolidation near term

March 31, 2023

Recent News

USD/JPY to fall progressively toward 124 by year-end – ANZ

March 31, 2023

Here’s how the crypto industry is using artificial intelligence

March 31, 2023

Bitcoin Witnessed Larger Transactions in March

March 31, 2023

Room for further consolidation near term

March 31, 2023

We deliver up-to-date, breaking crypto news about the latest Bitcoin, Ethereum, Blockchain, NFTs, and Altcoin trends and happenings

Follow Us

Browse by Category

  • Altcoins
  • Bitcoin (BTC)
  • Blockchain
  • Crypto Mining
  • Cryptocurrency News Today
  • CryptoCurrency Predictions
  • Defi
  • Dogecoins
  • Earn Crypto
  • Ethereum (ETH)
  • Forex Trading
  • ICO
  • Litecoin ( LTC )
  • NFT
  • Ripple
  • Trend cryptocurrency

Recent News

USD/JPY to fall progressively toward 124 by year-end – ANZ

March 31, 2023

Here’s how the crypto industry is using artificial intelligence

March 31, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2022 btclive365 All Right Rivered .

No Result
View All Result
  • Home
  • Cryptocurrency News Today
  • Bitcoin (BTC)
  • Altcoins
  • Blockchain
  • Crypto Mining
  • CryptoCurrency Predictions
  • Defi
  • Dogecoins
  • Earn Crypto
  • Ethereum (ETH)
  • Forex Trading
  • ICO
  • Litecoin ( LTC )
  • NFT
  • Ripple
  • Trend cryptocurrency

© 2022 btclive365 All Right Rivered .

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In