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WTI surges above $83.00 amid escalating US-Iran conflict
West Texas Intermediate (WTI) oil price opened at a bullish gap, trading around $83.50 per barrel during the Asian hours on Monday.
United States Baker Hughes US Oil Rig Count above forecasts (446): Actual (452)
United States Baker Hughes US Oil Rig Count above forecasts (446): Actual (452)
WTI Oil rallies above $81 as Middle East tensions threaten global Oil supplies
West Texas Intermediate (WTI) trades around $81.10 at the time of writing on Friday, up 2.76% on the day, and is heading for a weekly gain of more than 13% as geopolitical tensions in the Middle East continue to escalate.
Japanese Yen struggles as higher Oil prices and a wide US-Japan rate gap weigh
USD/JPY trades flat on Friday, holding near four-decade highs as the Japanese Yen struggles to attract buyers amid persistent headwinds, including higher Oil prices, Japan’s wide interest-rate gap with other major economies and a resilient US Dollar (USD).
Brent: Oil risks rise on Bab al-Mandab threat – Commerzbank
Commerzbank’s commodity team highlights renewed geopolitical risks for Oil as Iran again threatens to block the Strait of Bab al-Mandab, a key route for Saudi exports rerouted from the Strait of Hormuz.
Canadian Dollar gains on Friday's surging Oil prices
USD/CAD trades under pressure on Friday as the Canadian Dollar (CAD) benefits from higher Oil prices, offsetting the US Dollar’s (USD) recovery. At the time of writing, the pair trades around 1.4022, near a one-month low.
European gas: Prices stay elevated as supply tightens – Commerzbank
Norman Liebke at Commerzbank expects European gas prices to remain high in the near term, even if the Strait of Hormuz reopens sustainably.
US Dollar: Energy shock may delay renewed downtrend – MUFG
MUFG’s Derek Halpenny notes that ongoing Middle East conflict, stronger United States (US) data and crude Oil risks are limiting US Dollar (USD) selling. Better manufacturing and retail figures have not shifted Fed expectations much, but a full hike remains priced by year-end.
WTI Price Forecast: Consolidates near $79.00 before the next leg up amid bullish setup
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – extends its sideways consolidative price moves for the fourth straight day and trades around the $79.00 mark through the first half of the European session on Friday.
USD/CAD Price Forecast: More downside likely towards 1.3970
The USD/CAD pair trades marginally lower at around 1.4033 during the European trading session on Friday. The Loonie pair edges down as the Canadian Dollar (CAD) outperforms its major currency peers amid fears that oil prices could accelerate further.
Oil: Higher Brent supports inflation concerns – Deutsche Bank
Deutsche Bank’s Early Morning Reid notes Brent Oil trading around $85 per barrel, with prices slightly higher at $85.12/bbl and on course for a first close above $85 in over a month.
Euro flattens against US Dollar while entering the weekend
The Euro (EUR) trades flat against the US Dollar (USD) at around 1.1445 during the European trading session on Friday. The EUR/USD pair is expected to trade with caution amid continued military aggression between the United States (US) and Iran.
AUD/USD Price Forecast: More upside likely amid stabilization above 20-day EMA
The Australian Dollar (AUD) trades marginally lower against the US Dollar (USD) at around 0.6990 during the European trading session on Friday. The Aussie pair edges down as the US Dollar ticks higher amid fears that the United States (US) inflation could re-accelerate after slowing down in June.