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BOE Hike, Powell as New Fed Chair, US Tax Plan… All As Expected. Focus Now On Nonfarm Payrolls

November 3, 2017 Oil N' Gold 0

Events in the UK and the UK roiled the financial markets. BOE’s dovish rate hike accelerated British pound’s selloff which had started a few hours before the official announcement. US President Donald Trump announced that he has nominated Jerome Powell…

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Crude Oil Prices Slipped on Higher US Output

November 2, 2017 Oil N' Gold 0

The front-month WTI crude oil contract retreated, after rising to a 10-month high of US$ 55.22/bbl (just 2 cents shy of 2017-high of US$ 55.24/bbl) earlier in the day. Traders took the EIA inventory data as a reason for profit-taking. The WTI contract …

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Crude Oil Rallied 5-7% in October, Wide WTI-Brent Spread Might Encourage US Exports

November 1, 2017 Oil N' Gold 0

Recording 5-7% gains in October, crude oil prices began the third quarter in a good shape. The key drivers for the rally were geopolitical tensions aided by OPEC/ non-OPEC verbal support for extension of the output cut deal. Whether the strength can su…

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Gold Climbed Higher as Talks of “Gradual” Tax Cut Approach Pressured USD and Yields

October 31, 2017 Oil N' Gold 0

Oil prices extended gains with the Brent crude contract closing above US$ 60/bbl for a second day. Traders remained thrilled by support from Saudi Arabia and Russia of extension of the output cut deal. The front-month Brent contract climbed +0.76%, whi…

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Weekly Fundamentals – Brent Crude Broke Above US$ 60/bbl

October 29, 2017 Oil N' Gold 0

Oil’s rally gathered momentum on Friday as Saudi Arabia reinforced support of extending the output cut deal beyond March 2018 and Iraqi conflicts have shown no signs of abating. While these two factors had sent the Brent crude contract above US$ 60/bbl…

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Unexpected Inventory Gain Pressured WTI Prices

October 26, 2017 Oil N' Gold 0

Surprising increase in crude oil inventory weighed on WTI crude oil price, sending the front-month contract -0.55% lower at close. The corresponding Brent contract climbed higher, thus widening the WTI-Brent spread. In the FX market, US dollar was mixe…

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Abe Secures Two-Third Majority in Snap Election, Yen Lower

October 23, 2017 Oil N' Gold 0

Landslide victory of PM Shinzo Abe’s Liberal Democratic Party (LDP) at the snap election has sent USDJPY to the highest level since July. Unlike other currencies that tend to strengthen in light of erasure of domestic uncertainty, Japanese yen, as a sa…

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Weekly Fundamentals – Geopolitics and Fall in US Rigs Sustained Oil’s Rally

October 22, 2017 Oil N' Gold 0

Driven by geopolitical tensions in the Middle East and helped by further decline in US inventory and oil rig counts, oil prices clung onto gains last week. Both crude oil benchmarks rallied to the highest levels in the middle of the week but then retre…

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WTI-Brent Spread Widens as Tension-Ridden Regions are Suppliers of European Oil

October 17, 2017 Oil N' Gold 0

Crude oil rallied to fresh three-week highs on intensified geopolitical tensions in the Middle East, and between the US and Iran. The front-month WTI crude oil contract fained +0.82% to settle at 51.87 while the Brent contract jumped +1.14% to close at…

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