With the US Dollar's future feeling uncertain, attention seems to have turned towards Crude Oil following speculation that the Gulf States recently discussed dropping the USD for oil trading in exchange for a basket of currencies. While the rumor was denied later by Gulf State leaders and foreign ministers, the impact created a moment for pause in the market. As a result, many are now focusing their attention on today's Crude Oil Inventories report to find out where the relative level of demand for the commodity currently stands to gauge if the... ( read more )
Posts Tagged with ‘Crude Oil’
Crude Oil takes a nose dive as traders took profit.
Later afternoon trading saw the price of Crude Oil take a nose dive as traders took profit. The price of Oil stalled at the $75 resistance level and fell significantly following the failed breach. Today traders will be tracking the release of the U.S. Crude Oil Inventories data along with the New Home Sales numbers for today's market direction. [caption id="attachment_1933" align="alignright" width="293" caption="Crude Oil Dives"][/caption]
Yesterday, the Dollar saw mixed results against its major currency rivals. Against the EUR, the Dollar... ( read more )
August 26, 2009 - Daily Forex Tips – August 26th 2009
Will Crude Oil Drop Below $70 a Barrel?
During yesterday's trading, Crude Oil dropped to $71.20 a barrel. This was largely due to the recovering Dollar. The Dollar recovery took place after a better-than-expected Consumer Confidence in the U.S. which showed that Americans consumers are regaining faith that their financial condition is likely to improve during the next few months. If the Dollar will continue to strengthen today, it could turn Crude Oil to drop below $70 a barrel.[caption id="attachment_1809" align="alignright" width="293" cap... ( read more )
Daily Forex Tips – August 4th 2009
The Dollar and Crude Poised For New Highs
Monday's trading saw the Dollar fall against nearly all of its major currency pairs. On the other hand, Crude Oil rose to its highest level since the beginning of July.[caption id="attachment_1809" align="alignright" width="293" caption="Daily Forex Tips"][/caption]
The Dollar slumped vs. the key currencies, including the GBP, EUR and Canadian Dollar yesterday. This was largely owed to the publication of optimistic U.S. manufacturing and construction data. Furthermore, the greenback was sold-off,... ( read more )
August 3, 2009 - Daily Forex Tips – August 3rd 2009
Crude Oil and Gold Continue to Rise
In accordance to the Dollar's depreciation, the commodities' value rises, especially Crude Oil and Gold.[caption id="attachment_1801" align="alignright" width="293" caption="Daily Forex Tips"][/caption]
An ounce of gold is currently traded for around $955, and a barrel of crude oil is traded for over $70 – near a 1-month high. The rise in oil seems to go hand in hand with the positive publications, especially from the U.S, as they create the impression that demand for energy is likely to rise in the n... ( read more )