Oil price has increased 12% in just two weeks as several OPEC+ members came out with extended and enlarged production cuts. Although the outcome on th
was in the green against every major G20 peer. On Wednesday, the US Dollar took a step back as European Central Bank member Klaas Knot said that a surprise hike might still come in September, making markets pare back bets of no hikes to a 50-50 valuation in favour of a stronger Euro and weaker US Dollar. Oil news and market movers
Markets have not heard yet of US president Joe Biden as these elevated oil levels will trickle into higher gasoline prices at the pumps. A bad omen for the current ruling president in his quest to get inflation down and control gasoline prices for households. Chances of a substantial coordinated release of oil reserves might be again the playbook.
Equity markets are in the red on Wednesday, with biggest losses in the United Kingdom, where the FTSE 100 is down near 1%.are boiling over as the Relative Strength Index heads into overbought territory. This means that less buying will start to take place as traders will see less upside potential when entering into a long Crude Oil position at these elevated levels. Look for the RSI to cool down a touch before the next upswing materialises.
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