somrat4030
Well-known member
Forex Forum is a good way for getting latest forex trading news and tips.
Crude oil continued larger at present as the fact of OPEC+ not including to manufacturing output appears to be sinking in. The market additionally questioned if the US Strategic Petroleum Reserve could be tapped or not. The WTI oil contract traded as excessive as US$ 82.47 within the Asian session.
Regardless of document highs for US shares on Friday, APAC equities had been combined with Australian and Japanese shares a bit tender whereas Hong Kong had been barely up. The kiwi was the most effective performing foreign money at present.
Finally, positioning data shows that money managers continued to liquidate their long positions in crude oil and refined products over the last week. Managed money net longs in ICE Brent dropped by 9,690 lots over the last reporting week, the 4th consecutive drop to fall to 249,836 lots as of 2 November. The cuts were largely driven by longs liquidation as gross longs fell by 10,908 lots. Speculative net longs in NYMEX WTI also dropped, by 17,141 lots over the last week, with the reduction mostly again on the account of longs liquidation. Speculative net longs in refined products including ICE gasoil, NYMEX RBOB and NYMEX heating oil also dropped, by 11,877 lots, 5,193 lots and 5,913 lots respectively.
The Organization of the Petroleum Exporting Countries and allies such as Russia, together known as OPEC+, agreed last week to stick to their plan to raise oil output by 400,000 barrels per day from December.
U.S. President Joe Biden had called on OPEC+ to produce more barrels to dampen rising prices and on Saturday said his administration has "other tools" to deal with the higher price of oil.
On the other hand, In China, it is believed that the Communist Party will meet this week and President Xi Jinping is likely to extend his term as leader. The implementation of his "sharing prosperity" policy has brought many sectors of the economy under regulatory scrutiny. This creates some uncertainty for some companies.
Over the weekend, China reported a larger-than-expected October trade surplus, well above the forecast of about US $ 65 billion, reaching US $ 84.54 billion. Exports increased by 27.1% in the year to the end of October, while imports increased by only 20.6%.
#forex #forexforum #currencytrading #forumdotforex #forumforex #currencytradingforum #forextrading #forexsignal #forextips #forexanalysis #bestsignalprovider #bestforexforum #daytrading #currencytradersforum #bestbroker #forexbroker #forexnews
