UKOil stabilises on weekly, but it remains to be seen whether it is being accumulated or distributed
With the stabilisation of prices comes the question as to whether UKOil is being distributed or accumulated?
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With the stabilisation of prices comes the question as to whether UKOil is being distributed or accumulated?
USOil rose on Tuesday after the central bank of China cut key short-term policy rate and inflation in the US decelerated, cementing market expectation for a hold by the Fed today
The commodity trades with caution, as today’s data from the world’s largest oil importer, showed only a slight uptick in consumer inflation and a steep drop in factory prices in May
Saudi Arabia has decided to further trim its oil production by an extra 1 million barrels per day starting from July.
Copper has lost 62% of the gains it made off 2022’s second half rally. Its RSI, a measure of its momentum, is on the bearish side of 50, suggesting the industrial metal’s momentum is to the downside.
USOil drops after its two-week rebound, as China’s factory activity contracted again, amidst signs of rifts between Russia and Saudi Arabia ahead of Monday’s OPEC+ meeting
XAU/USD started May with new record highs, but was forced into a correction due to the change in expectations around the Fed rate path, which boosted the US Dollar
The Energy Minister of Saudi Arabia cautioned speculators on Wednesday that they could be in for some pain, in a warning that helped lift USOil
There is no deal yet for raising the debt ceiling in the US, but markets remain optimistic, which is helpful for the greenback, along with a moderation in previously more dovish expectations around the Fed’s rate path
Copper prices rose on Wednesday on hopes for a resolution to the US debt ceiling drama that helped sentiment, but it faces renewed pressure today as the situation remains uncertain and discouraging Chinese data weigh
The commodity lacks firm direction after a strong weekly start, as markets contemplate IEA’s upgraded demand outlook and below-expectations economic data from China
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