Oil prices hit 10-month high on supply concerns
Oil prices are rising today due to concerns about a potential supply shortage. Saudi Arabia and Russia announced they would continue reducing their oil production until the end of the year.
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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Oil prices are rising today due to concerns about a potential supply shortage. Saudi Arabia and Russia announced they would continue reducing their oil production until the end of the year.
The US 10-year real yield’s green 5-day EMA has pulled away from its orange 10-year EMA (black circle). This is suggestive of strength in the real yield, which is currently trading at 2%. This is elevated and is providing a layer of support for FXCM’s USDOLLAR basket.
Since the end of July, the US 10-year real yield has been moving upwards. US data has been strong, and inflation is proving to be sticky. The thinking has shifted that rates may be higher-for-longer.
Almost 13,000 United Auto Workers (UAW) members went on strike at three American assembly facilities belonging to General Motors, Ford Motor, and Stellantis. This after the union and the automotive companies failed to come to an agreement regarding a fresh labour contract on Thursday evening.
Following a cumulative 450 basis point rate hike, the ECB has now elevated its deposit rate to an all-time high.
Oil prices are running strong today. Brent crude has topped $93 per barrel for the first time this year. WTI touched $90 per barrel, which is a 10-month high. Anticipation of a more constrained supply for the remainder of 2023 eclipsed worries about sluggish economic expansion and the increasing stockpiles in the United States.
Citigroup is restructuring and streamlining operations under CEO Jane Fraser.
The European Union plans to initiate an inquiry into the subsidies that China offers its electric vehicle manufacturers.
Microsoft Corporation's stock has experienced a recent period of underperformance compared to its counterparts in the technology sector. However, according to analysts from Citi Research, there are reasons to believe that Microsoft's stock is primed for a stronger showing in the coming months.
Tesla retraced to its 61.8% Fibonacci retracement level (blue horizontal line) over July and August. This overlayed with price support (red dashed horizontal line), and the decline was stayed. Since then, TSLA.us has moved higher, with its green 5-week EMA crossing bullishly above its orange 10-year moving average (red circle). Moreover, its weekly RSI has crossed back above 50 (blue rectangle). This is the bullish side of the oscillator and…
Meta Platforms is strategically positioning itself to become a formidable contender within the realm of artificial intelligence. This has ignited investor enthusiasm and bolstered the company's stock performance.
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