News Update for CFDs

Oil prices stagger as dollar adds weight

Oil prices slide down today been pressed by a stronger dollar. Oil prices appear to make a comeback soonest as the possibility of excessive global supply has been limited by supply cuts so far. This is as there have been supply cuts from Nigeria and Canada and Libya.

These cuts placed oil prices favourably for a second consecutive week of gains. Yet there are but little hopes of a long term rise of oil prices as OPEC and non-OPEC members have failed to come to a formal arrangement to cut supply. This is even worse as Iran is independently pushing for increased production output,

Alexander Novak who is the Russian Energy Minister had expressed his fears of supply eventually going excess of demand by about 1.5 million barrel per day. He predicted little to come from the upcoming meeting of OPEC members slated for June 2.

Today, Brent went down to $48.79 marking a fall of 2 cents while US crude went down to $48.14 for a barrel.

 

Oil dancing up as investors pray for a fall in U.S. crude inventories

Oil prices went up today as investors expected a weekly draw down in U.S. crude inventories. Investors are hoping that this drop could raise up prices bringing prices closer to $50 for a barrel.

The rise in oil prices today was supported by comments coming from Iraqi officials. These remarked pointed to maintenance problems as well as power outages which have resulted in a drop in Iran's output bringing it down to 4.5 million barrels per day. This is a distance down from the 4.78 million barrel per day which output from Iran climbed to in January.

And then from Libya, production has resumed after a temporary deal was constructed in Vienna between opposing Libyan factions. This arrangement allowed to the eastern port of Hariga to be reopened following a closure; thus paving a way for Libya to raise up crude production to over 300,000 barrels for a day.

Today,we saw Brent climbing up to $48.96 a barrel which is an increase of about 60 cents, on the other hand, U.S. crude rose up to $48.58 which is about a climb of 50 cents.

 

US crude inventories slumps and pushes oil prices up

A reduction in U.S. crude inventories pushed oil prices upwards today. This rise maintains the climb of oil prices for this week. Industry data had revealed a drop in the US crude inventories which was more than was expected.

Official U.S. crude oil inventory data which were published this morning showed a notable decline in US crude inventories with a 4.2 million barrels from last week.

Oil prices look set to gain from oil inventory draw downs as well as supply outages coupled with strikes from oil worker happening around the world.

Going over to the OPEC, Iran is moving closer to its peak normal exports. This is after six months after sanctions were lifted from Iran. Although increase in Iran production is yet to have effect on oil prices as the increase in supply is balanced by supply shortages from Canada and Nigeria, hence no fear of imminent global over supply.

Today oil prices approached $50 for a barrel.

 

Oil prices still have not touched down yet in its flight up


Oil is still on its flight up as U.S. crude have almost as far as twice the lows it recorded back in February. This rise is fueled by declines in US output coupled with other global outages from Nigeria and Canada which have kept supply in check. This outages have so far been vital in pushing oil prices up since a meeting earlier in Doha by OPEC ministers failed in resulting to output freeze agreements..

The economy minister of the United Arabs Emirate is much more optimistic about oil prices as he predicts oil climbing as far up as $60 per barrel in the following few months. In his words at a conference in Abu Dhabi today, Sultan Bin Saeed Al Mansoori said "It’s possible for oil prices to reach $60 or more during this summer.”

There was not really significant gains of oil prices today as investors are looking forward for hints from the OPEC meeting which will be holding this Thursday. In the meeting which is essential to long term oil prices, the concern of a looming oversupply is expected to be majorly tackled. For now though there are no immediate fears of global oil oversupply as a number of unexpected outages coming from major producers like like Canada and Africa. This had resulted in about 3.5 million barrels of oil being chopped from global supply every day in recent weeks. This accumulated cuts were responsible for the significant climb of oil prices above the critical $50 for a barrel last week.

 

Oil prices shivering as crucial OPEC meeting draws near

Oil prices fell very slightly today; recovering majorly from losses it had earlier suffered in course of the day. This was as hopes are getting very solid about a positive result from the upcoming OPEC meeting. Very reliable reports from OPEC sources have expresses strong optimism that the meeting could result in new planned cuts in global output.

According to these reports, the Organization of the Petroleum Exporting Countries will heavily make efforts to reach durable agreements among its member to set a maximum daily output capacity. It is likely the OPEC would be considering setting this maximum limit of daily output at 30 million barrels for a day.

Iran is the major stumbling block to possible agreements as the nation is bent on increasing daily production. Should the OPEC successfully come to a formal arrangement to fix maximum output capacity among its members, it would be a very big step forward in stabilizing oil prices.

Today Brent had gone down to $49.66 which is a fall of about 23 cents while US oil had equally gone down by 25 cents to $48.85.

 

Failed OPEC meeting bombards oil prices

Oil prices Yet again the OPEC has failed to come to an agreement as regards a common oil-output strategy among its member nations. Iran still insists on increasing its output hence defying effort to cut down on global oil output. But the failure of the OPEC to arrive at output freeze was quite compensated for as Iran's major contender Arabia has made pledges to abstain from flooding the market as Saudi Arabia aims to still maintain unity within the OPEC.

Thus today the market was rocked with the disappointment of the OPEC meeting held in Vienna today. This disappointment pressed oil prices down as the fears of future global oversupply got more vivid. Brent prices today went down by 1.5% going down to $49 per barrel. It is possible the harm the failed OPEC prices had caused oil prices would be reduced as data showed a weekly reduction in U.S. crude stockpiles.

Going on to Gold, Gold kept its place higher in North American trade today. This was as investors looked to a pair of U.S. employment reports for hints for possible interest rates hike from the Federal Reserve. Gold for June delivery on the Comex division of the New York Mercantile Exchange had gone up by 0.23% going up by $2.75 to trade at $1,217.45.

 

Gold and Oil pushes up as US job report fails

Gold went up in the market today as the dollar failed to make significant gains this afternoon. This was as Fed Chair yen maintained hikes in interest rates were still likely. Only that she failed to nail a definite timeline to this likely interest rate hike. Data coming from the US has not really been very encouraging or support interest rate hikes this month.

On the Comex division of the New York Mercantile Exchange, Gold held trades within the region of $1,242.45 and $1,251.25 an ounce. After trading in this region for sometime, it settled at $1,248.25. Gold prices has surged up to highs for the session in over ten days.

Preceding this climb up by gold, gold prices had crashed down to over lows of two weeks as Yellen as well as a number of other Fed officials indicated that the US economy boasts the required strength to support interest rate hikes. Measuring the start of the 2016, gold is still up by over 14%. This is its longest stretch of gains in over ten years now.

Today also Brent notably climbed above $50 for a barrel.

 

Oil prices defying gravity as it stays up

Oil prices sustained their push up today with Brent moving above the $51 for a barrel. It would mark the first time that Brent had pushed up to $51 in almost 8 months. This occurred as cuts in global fuel supply continued to keep prices up despite failed OPEC meetings.

This Tuesday, Oil prices had jumped to highs of 8 months. There is expected cuts in U.S. crude production as well as notable cuts in the production capacity of Nigeria (Africa's foremost oil exporter) owing to attacks on big oil facilities.


Since the end of February, oil prices have been recovering despite talks of global outputs freeze from the OPEC not coming to positive ending. A climb up in oil prices have been boosted by major cuts in production coming from major oil producers like Canada. Canada currently suffered from wildfires in its vital oil sands region and cuts from Venezuela, and even Libya.

Brent crude climbed up today rising up to $51.30 for a barrel. This is the highest oil prices have risen since last year October.

 

Gold needs a parachute to slow down its depreciation

Gold dropped down to fresh two-week lows before it tried some recovery today as the very crucial Brexit referendum in the U.K comes to the forefront.

On the Comex division of the New York Mercantile Exchange, Gold for August delivery held trades within the region of $1,263.50 and $1,273.40 an ounce. After this, it went on to settle at $1,270.25. Just yesterday, Gold had fallen down by $20 an ounce, as it was hit with its worst losses in a month. This was quite a sharp turn around for just last week, gold was looking so strong as it had ascended to 22-month highs in a long seven days stretch of gains. Today losses marks the fifth day gold had been on a fall in this turn around.

Moving on to oil prices, oil prices in the same losing behavior were still crashing with Wednesday ending up still on down. This was after U.S. inventory drawdown came out lesser than expected as uncertainty drags on whether Britain remains in the EU.

Thus today, Brent crude fell down by 2.8 % dropping down to $49.22 for a barrel.

 

Oil prices finding their feet up again

Gold dropped slightly today. This put a stop in its increase which has been inspired by the vote of Britain to leave the euro bloc. Today's drop comes after gold prices had soared as high to 27-month highs.

On the Comex division of the New York Mercantile Exchange, Gold for August delivery held trades in the region of $1,308.00 and $1,329.55 for one ounce. After this, it closed at at $1,317.45. Just last Friday, gold made a very remarkable leap as it had jumped up to almost by $100 to $1,360 which brought it to 2-year highs.

Oil prices on the other hand had risen by almost 2% today as the shock and ripples the referendum result had brought in the market were beginning to settle down. Investors once again considered the possible oil supply outages as well as crude inventory drawdowns which could hit the market in time to come. This is as the possibility rises that a strike at several Norwegian oil and gas fields would occur.

Brent had climbed up 2 percent which is about 96 cents, this increase brings it to $48.12 for a liter. Also U.S. crude went up to $47.43 for a barrel.

 

Oil prices still down as gold dust is itself up

Gold prices had initiated a solid leap today. The climb pushes prices up to its highest level counting as far back March 2014. This was as fears tormented the market in the event off the Brexit fallout with investors chasing after safe haven assets.

Gold for August delivery on the Comex division of the New York Mercantile Exchange made a healthy climb of jumping to an intraday peak of $1,377.50 for an ounce. Actually gold prices had not gotten this pretty in over 24 months now.

Of course, gold has been beaming with support in the previous weeks gone by as expectations of a Federal Reserve rate hike in the nearest future has dropped down a lot. This was as investors were expecting increased stimulus introduced to balance out negative influence of the unexpected Brexit vote.

Moving over to oil, oil prices are still yet to find their feet as their sorry decline continued today. Thus Brent fell down today by 27 cents falling to $47.69 for a barrel. US crude on the other hand held trades at $46.48 for a barrel, declining also by 12 cents.

 

Oil prices get healthier while Gold is still in decline

Gold dropped today in face of a stronger American dollar. On the Comex division of the New York Mercantile Exchange, Gold for August delivery held trades between the region of $1,331.00 and $1,358.70 for one ounce. After this the yellow metal went on to settle at $1.335.50. Today losses would make the biggest gold has ever suffered in one day since June 21 ( that was when gold prices fell down badly as investors were very anxious of what the UK referendum would result in).

And then following the vote to pull out, gold has made nice gains of over 4.5% after the unexpected vote to exit the EU by Britain. Across the last weeks, the precious metal has climbed over $1,370; hitting a high of 28-months just last Wednesday.

Now moving over to oil, oil prices went up today as data revealed an eight consecutive week of declines in U.S. crude stockpiles. This also coupled with increasing militant attacks on Nigerian oil producing facilities.

Brent crude futures today moved up today by $1.95, which is about a climb of 4.2% bringing Brent up to $48.20 per barrel. On the other hand, U.S. oil equally went up by $1.77 climbing up to $46.53 for a barrel.

 

Oil prices reaches 93 cents, 2% increase..

Oil climbed up steadily today as oil prices went up by 2%. This occurred today in market where there was poor demand for fuel in the United States. The Japanese yen fell notably today pushing oil prices up.

This comes as expectations are high that the UK central bank would announce stimulus packages for the British economy to reduce the damaging effects of Britain's vote to pull out of the European Union.

This happened in a market dominated by fears of how companies would react to the referendum. The pound managed to pull its way back today after the Bank of England made shocking decision not to bring down interest rates.

Thus today Brent went up to $47.20 a barrel; this move up is an increase of 2%. Safe haven assets like the Japanese yen dropped down owing to the victory of Shinzo Abe parliamentary election victory. Such victory raised high hopes among investors in the market that the Bank of Japan could adopt measures to provide cash directly for government spending.

 

Oil prices getting their good looks back

Gold finished today without any notable gain. This was despite great expectations that gold would rise well because of a stronger US dollar. Consumer inflation data for last month was not enough to bring up hopes that the Federal Reserve would be raising interest rates soonest.

On the Comex division of the New York Mercantile Exchange, Gold for August delivery held trades between the region of $1,322.56 and $1,336.50. After this, it went on to settle at $1,327.85. Following a sharp increase to its best peak in over two years just last week, gold has been on a decline even falling by as much as 2% to lows of two weeks.

Going over to oil, oil prices were very much in line for a second straight weekly gain today. The increase in oil prices came today following data from top energy consumers in the United States and China; these data had raised the prospects that demand for oil would be increasing.

Thus today Brent went up 28 cents; climbing up to $47.65 for a barrel. US oil on the other hand had risen too by 25 cents moving up to $45.93 for a barrel.

 

Lanky oil prices crawling down

Oil prices dropped down today owing to increasing stockpiles of crude and refined fuel. This again brought up fear among investors that a possible over supply awaited us.

Genscape a reputable Market intelligence firm had announced its findings that the Cushing, Oklahoma delivery hub for U.S. crude futures had experienced an increase in supply build of about 26,460 barrels in the week to July 15.

The comes as the lira, Turkey's currency recovered measurably after suffering a drastic decline on Friday when a coup was attempted on Friday in Turkey. The failure of the coup has sprang the currency back pulling away from its three months lows gaining almost 3% against the dollar.

So far, oil prices have increased by about 75% measuring back to when oil prices had crashed down to 12-years low with Brent as low as $27 for a barrel. Of late, oil prices have been in the region of $50 for a barrel with fears in the market that a supply may soon exceed demand in face of several failed meetings of the OPEC.

Thus today, Brent crude futures had dropped by about 79 cents, which is a decline of 1.7 percent. This fall drags Brent down to $46.82 for a barrel. U.S. crude on the other hand dropped down by 80 cents falling down to $45.15 for a barrel.

 

Oil prices getting more fragrant as Gold losses its feet

Gold dropped by as much as a percent today with the dollar remaining near its four-month highs. This is as we await the very crucial decision on interest rates from the European Central Bank. The European Central Bank would be meeting tomorrow afternoon in Frankfurt.

On the Comex division of the New York Mercantile Exchange, Gold for August delivery held trades between the region of $1,313.45 and $1,338.50 for an ounce; after which it went to settle at $1,319.45. Even in face of the decline, on the overall gold is still doing well as it is yet 24% since the beginning of the year putting it in place for its best performance in over ten years.

Moving over to oil prices, oil had moved up following a fall which brought it down to two months low earlier on today. This happened as government data revealed a ninth straight fall in U.S. crude stockpiles.

Thus Brent crude went up 65 cents, climbing up to $47.31 for a barrel. US oil on the other hand went up by 40 cents climbing up to $45.05 for a barrel.

 

Oil Prices Drops even more...

Oil prices dropped down today. The decline today was more than a percent drop after it had actually made gains earlier on today. The loss today arose after a leap in U.S. gasoline inventories had pulled up global supplies to highs it has not reached of late. Such increase in supply brought up fears among investors in the market that global demand may soon fall well below supplies.

The excessive supply of refined products makes the future of oil prices snit too bright. The OPEC has failed to come to a notable agreement to freeze oil outputs. This is as Iran was bent on increasing production capacity. The Energy Information Administration (EIA) had published a report showing a decline in crude inventory drop of about 2.3 million barrels for last week, what many analysts were expecting was a drop of 2.1 million barrels. Yet even in face of the drop for the ninth consecutive weeks of draws, U.S. crude inventories are at great peaks of 519.5 million barrels for this time of year, according to the report from EIA.


Thus today U.S had fallen by 85 cents, which is about a decline of 1.9% dropping it down to $44.90 for a barrel. Brent on the other hand had dropped down too by 77 cents- bringing Brent down to $46.40 for a barrel.

 

Fear of oversupply strangle oil prices

Gold went down today in a relatively quite trading day. This was as the attention of investors was majorly on the upcoming meeting of the Federal Reserve which will hold in Washington D.C. for two days. Investors are closely monitoring this meeting so as get clues as to if U.S. central bank would raise interest rates soonest.

On the Comex division of the New York Mercantile Exchange, Gold for December delivery held trade between the region of $1,321.45 and $1,331.50 for an ounce. After this, it went on to settle at $1,327.05. Thus, gold is still close to its three-week lows today. This was after it had closed trade for last week on the losing side for the straight second week.

Moving over to oil, oil prices went down today by almost 3%. This decline brings oil prices to a 3-month low. The decline came as fears continued to grow among investors that soonest global supply of oil would far exceed global demand. .

Thus today, Brent traded at $44.70 foe a barrel. This would make a decline of 99 cents which is about a fall of 2.2% . The U.S. Oil as well had dropped down by $1.06, falling $43.13 a barrel.

 

Oil prices struggling to rise amidst fears of oversupply

Gold leaps up today; rising up to one-month lows. This is as investors looked forward to interest rates decision to come from the Federal Reserve in the middle of the week.
On the Comex division of the New York Mercantile Exchange, Gold for December delivery held trades within the region of $1,321.30 and $1,331.95 for an ounce. After this, it went on to settle at $1,328.00. Even in face of the modest gains, Gold is actually still on a decline after it has fallen by over two percent across the past three weeks. This was after it had touched a 28-month high in at the beginning of the month.

Brent crude turned around losses on Tuesday. Earlier on, oil prices had fallen toward $44 for a barrel on fears among investors that over supply of crude may soon hit the market.

Yet Brent has risen by over 60% from a 12-year low close to $27 back in January. But then the increase in oil prices is threatened by fears of oversupply as major oil producers are recovering from the shortages which had earlier on balanced demand and supply.

Global benchmark Brent was trading today at $44.76 for a barrel, earlier on today, it had fallen to $44.14 which happens to be its least since May 10.

 

Oil prices still sluggishly sliding down


This Monday, U.S. crude prices had earlier on fallen below $40 a barrel. This is actually notable as it happens to be the first time we had seen US oil fall below $40 since April. This comes as surveys published today revealed output from the OPEC had risen so high last month coupled with the largest addition of U.S. oil rigs in over forty five months.

Failure of the OPEC to reach agreement to freeze global output has contributed largely to fears among investors that with the current large rate of production from large exporters, we will soon have a condition where supply beats demand.

Thus today we saw the US dropping down by 3.7% which is a decline of about $1.54.This pulls down US oil to $40.06. This is actually the worst it has settled at since April 20. Brent crude on the other hand also suffered a decline; dropping down by $1.34, sliding down to $42.19 for a barrel.

So far, both the US oil and Brent have fallen down by about 15% across last month. This is the biggest both have fallen so far in a year.