Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Trading news
Back
21 Oct 2022

WTI turns positive, hovering around $85.00 a barrel as the US Dollar tumbles

  • Western Texas Intermediate (WTI) s set to finish the week with losses of 0.55%.
  • China’s demand and a soft US Dollar underpinned oil prices.
  • WTI buyers unable to crack the 50-day EMA keeps the commodity downward biased.

WTI is about to finish Friday’s trading session almost flat, as Wall Street ended the day with hefty gains amidst hopes of a Fed pivot, as wires mentioned Fed officials debating to slow the pace of rate increases following November’s meeting. At the time of writing, WTI is trading at $85.17 a barrel, up by a minimal 0.19%.

WTI trimmed earlier losses courtesy of a soft US Dollar and China’s demand

Given that the Fed would diminish its aggression, the greenback fell, a tailwind for the US Dollar denominated commodity. US Treasury yields retraced their earlier gains, undermining the buck, which, as shown by its US Dollar Index, fell 0.88%, down at 111.865, after hitting a YTD high of 113.942.

Aside from this, oil prices increased in choppy trading on the likelihood of China’s more robust demand. News that the country might ease quarantine restrictions for visitors abroad from 10 to 7 days spurred a jump in oil prices.

The Organization of Petroleum Exporters Countries (OPEC) and its allies decided to cut oil production amidst the weakened global economic outlook, threatening to tip the largest economies into a recession. OPEC+ drew 2 million barrels daily, in a widely criticized decision by the White House, which reacted negatively to the decision.

WTI Price Forecast

Western Texas Intermediate (WTI) recovered some ground during the day and is clinging to the 20-day Exponential Moving Average (EMA) at $85.13 PB as volume dry. In the week, the US crude oil benchmark could not trade above its 50-day EMA at $86.80, meaning that risks remain skewed to the downside.

Therefore, WTI’s first support would be the October 18 daily low at $82.10, followed by the September 30 swing low at $79,16, and then a re-test of the YTD low at $76.28.

Oct 21, 2022

Silver Price Analysis: XAG/USD strengthens and rallies past $19.00

Silver prices have extended Thursday’s rebound from $18.30 lows on Friday, breaking beyond $19.00 and reaching one-week highs at $19.30 so far. The pr
Read more Previous
Oct 22, 2022

EURUSD: The Euro reclaimed 0.9800 as Federal Reserve’s officials would tune subsequent rate hikes

The US Dollar tumbled as traders braced for the weekend following a volatile session that initially witnessed the EURUSD hitting its daily lows of aro
Read more Next