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by Guest
on Fri Mar 23, 2018 8:45 pm
 
Search in: Market News and Important Events
Topic: Forex analysis and news update
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Forex analysis and news update

What’s next? – GOLD 23.03.18
[size=13]Oil prices were higher in Asian trading hours on Friday, with market players awaiting the weekly US oil rig count later in the session.
The US West Texas Intermediate crude contracts were up 0.93 percent to $64.90 per barrel as of 06:30 GMT. Meanwhile, Brent futures rose 0.74 percent to $69.42 a barrel.

Baker Hughes is expected to release its weekly oil rig count for the US as of 18:00 GMT.
Crude benchmarks settled lower on Thursday as most investors opted to take profits following strong gains this week, although sentiment remained on the green side, opening the doors to a potential short-term upward correction ]forex news

[size=13]Morgan Stanley said US crude inventories are expected to fall later in 2018 if geopolitical tensions in the Middle East continue to grow.

“On May 12, the US government will need to decide on the renewal of the waiver of Iranian sanctions,” the bank said.” “Depending on the outcome, this could affect Iranian exports, including possibly taking a few hundred thousand barrels per day off the market.”
Also, the investment bank said crude prices could benefit from Venezuela’s output shortage.
“Any restrictions imposed by the US government on diluent exports from the US or crude imports from Venezuela into the US could lead to a further decline in overall production.”
 
Earlier this week, the US Energy Information Administration said that crude stockpiles for the week ended March 16 dropped by 2.6 million barrels vs a forecasted gain of 2.6 million barrels.
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