Commodities Analysis by Investing.com (Barani Krishnan) covering: XAU/USD, Gold Futures, Brent Oil Futures, SPDR® Gold Shares. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
While Mideast crisis makes oil prices higher in the immediate term, more output/exports must be lost for rally to continuelongs would have retired for the weekend expecting more downside from a global macro trade that had given them the thumbs-down.
Are the Iranians without doubt the sponsors of this attack, and if so, will the war vowed by Israel end up severely debilitating Iran’s oil shipments? Also, will the US, after a long period of scant sanctions enforcement against Tehran’s oil, double down as well? If these things don’t happen the oil price could come back down.
Oil hit more than one-year highs at $95 for WTI and $97 for Brent before tumbling on a backdrop of macro and economic factors as as US Treasury yields hit 16-year highs and the dollar 10-month peak while while consumption of gasoline — the No. 1 fuel product in the United States — fell at a seasonal low of 25 years.
But the Saudis have become the main driver of the supply squeeze in oil now, carrying out some of the deepest production cuts ever in the history of the kingdom, ostensibly to get $100 or more for a barrel. “I honestly believe that the best thing I could say is that the cohesion of OPEC+ should not be challenged. We’ve been through the worst, I don’t think we will have to go through any terrible situation at all,” he added.
With the Israelis vowing commensurate response for one of the worst attacks ever on their soil, a counter engagement against Tehran, either unilaterally by Jerusalem, or with the combined might of the United States, could have ramifications for the oil trade.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Market Q4 Outlook: Gold, Oil, Stocks, US Dollar, Euro, Pound, Yen, BTC at Tipping PointDifferent market dynamics are poised to unfold in the near term, potentially paving the way for increased volatility and attractive trading setups in major assets. This article presents a comprehensive collection of Q4 forecasts.
Read more »
Oil Fundamental Forecast: Can Q4 Sustain Oil Gains?Q4 crude oil outlook focused on OPEC+, monetary policy and global economic growth conditions.
Read more »
1 Stock to Buy, 1 Stock to Sell This Week: JPMorgan Chase, CitigroupStocks Analysis by Investing.com (Jesse Cohen) covering: Citigroup Inc, JPMorgan Chase & Co, JP Morgan Chase & Co, Citigroup Inc. Read Investing.com (Jesse Cohen)'s latest article on Investing.com
Read more »
Gold Fields invests in Great Southern projectGold miner Gold Fields will spend up to A$15-million to earn a 75% interest in the Edinburgh Park gold project, in north Queensland, owned by ASX-listed Great Southern Mining. Under the earn-in agreement, Gold Fields would sole-fund up to A$15-million in exploration expenditure over a six-year period, to earn the majority stake in the project, which incorporates nine granted exploration licenses and two exploration license applications covering some 1 750 km2.
Read more »
These money and investing tips can make the market's 'spooky season' less scaryMoney and investing stories popular with MarketWatch readers over the past week.
Read more »
63 Stories To Learn About Crypto InvestingLearn everything you need to know about Crypto Investing via these 63 free HackerNoon stories.
Read more »