Brent Oil to remain elevated in the near-term before dipping below $95 in 2023 – Danske Bank

Economists at Danske Bank expect Brent Oil prices to ease moderately towards 2023. However, the black gold is set to remain elevated in the near-term. Tight supply supports spot despite rising growth risks “While looming demand slowdown points towards easing commodity prices in 2023, the limited spare capacity in global markets could support the current … Read more

Indian rupee bears approach 79.00 as oil rebounds, US inflation eyed

USD/INR picks up bids to reverse the previous day’s pullback from a record high. Risk-aversion, firmer USD join INR NDFs, rebound in oil prices to keep pair hopeful buyers. US Core PCE Price Index awaited, recession fears hint at the further upside. USD/INR regains upside momentum, after stepping back from a record top near 79.00 … Read more

Brent Oil to fall back again toward $95 by year-end – Commerzbank

A barrel of Brent Oil last traded at around $110. In mid-June, the price was still around $125. Economists at Commerzbank expect prices to drop towards $95 by end-2022. Oil market between supply risks and demand concerns “In the short-term, the massive release of oil reserves by the major consuming countries will provide relief.” “The … Read more

Skids below 79.00 as DXY turns sideways, oil slips, Fed Powell eyed

USD/INR has failed to sustain the all-time-high recorded above 79.00. The DXY is displaying back and forth moves ahead of Fed Powell. Oil prices have corrected a little, and the upside remains favored on prolonged supply constraints. The USD/INR pair has slipped below the psychological support of 79.00 at the open, however, the upside remains … Read more

WTI jumps from below the 100-EMA, and approaches $110 on OPEC+ cutting its surplus

US crude oil extends its gains to two consecutive days, though it faces solid resistance at the 50-EMA, around $110.33. OPEC+ reduced its 2022 market surplus to 1 million BPD, while Libya’s political turmoil cut production by 600K BPD. WTI Price Analysis: Despite breaking an upslope trendline, oil’s price has recovered those losses, and now … Read more

OPEC+ lowers 2022 market surplus forecast to 1 million bps – Reuters

Citing an internal report prepared for the upcoming Joint Technical Committee meeting, Reuters reported on Monday that OPEC+ trimmed its oil market surplus forecast for 2022 to 1 million barrels per day (bpd) from 1.4 million bpd previously. Market reaction Crude oil prices gained traction after this report. As of writing, the barrel of West … Read more

G7 still working on precise mechanism to implement price cap on Russian oil

With the G7 Summit underway, a US official said on Monday that the G7 is close to setting a global price cap for Russian oil. Additional comments “To issue coordinated steps tomorrow to raise pressure on Russia.” “Targeting services for transporting Russian oil is a ‘promising avenue’.” “The US will impose higher tariffs on Russian … Read more

Recovery elongates on softer DXY, oil advances gradually

Asian indices have extended their recovery as the DXY weakens on lower estimates for US economic data. As per the market consensus, the US Durable Goods Orders are seen at 0.1% vs. 0.5% reported earlier. Oil prices have rebounded as investors have started underpinning the supply constraints. Markets in the Asian domain have extended their … Read more

USD/CAD stables below 1.2900 as investors await weak US Durable Goods Orders

USD/CAD is establishing below 1.2900 on an expectation of weak performance from the DXY. A downbeat US Durable Goods Orders after weak PMI figures will drag the greenback bulls. Oil prices are displaying a minor rebound, downside remains favored on soaring recession fears. The USD/CAD pair is auctioning below the round-level support of 1.2900 on … Read more

Mildly bid around $103.50 inside bearish pennant

WTI dribbles inside a bearish chart pattern around six-week low. Steady RSI and sustained trading below 100-HMA favor bears. Eight-day-old resistance line adds to the upside filters. WTI crude oil traders lick their wounds near $103.50, up 0.15% intraday, heading into Friday’s European session. In doing so, the black gold remains inside a two-day-old bearish … Read more