The crude oil price is struggling for direction as the uncertainty for energy supply going forward weighs on sentiment. US Dollar gyrations are also dominating markets as the Fed decision looms.
Israel began to move ground troops into the Gaza Strip over the weekend and there are hopes that the conflict will not expand across the region. The US and Iran have voiced concerns that the theatre of war might not be contained.
The WTI futures contract has traded below US$ 85 bbl while the Brent contract has dipped under US$ 90 bbl at the time of going to print.Currency markets have had a quiet start to the week and all eyes will be on the Bank of Japan this week as they contemplate a tilt in Most pundits are anticipating a shift in yield curve control although there has been some speculation that the negative interest rate policy might be addressed. meeting decision will be known on Wednesday and the interest rate market is not anticipating any change in the Fed funds target rate. The focus will be on the post-conclave press conference.
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