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Forex market reviews

04 August 2016

Commodities

Natalia Milchakova

Downtrend on the crude market still continuing

Last week the downtrend on the crude oil market was continuing. The prices of WTI futures dropped 5% to $39.69/bbl. On July, 21, the price of WTI was remaining at its weekly high, but in early August it dropped to its weekly bottom of $41.91. The price is fluctuating near its important support level of $40/bbl; however, if the price breaks this level, it would go down to $35/bbl.
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Market sessions

Vadim Josub

Markets await BoE interest rate drop

Stats from the EIA on Wednesday showed a 1.413 million barrel rise in US oil reserves. They were expected to fall by 1.833 million barrels. However, this had no effect on oil’s rebound due to sellers fixing profits. Yesterday Brent rose from $41.6 per barrel to $43.4. This morning has seen the benchmark trading in a $43.3-43.6 range.
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01 August 2016

Media reviews

Fiona Chen

Oil prices turn lower as glut concerns remain in focus

Light, sweet crude futures for delivery in September CLU6, -1.90% fell 51 cents, or 1.2%, to $41.08 a barrel, on the New York Mercantile Exchange. The October contract LCOV6, -1.88% of Brent crude on London’s ICE Futures exchange dropped 58 cents, or 1.3%, to $42.95 a barrel after the initial decline at the start of the session.
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Market sessions

Vadim Josub

Disappointing US GDP sends dollar plummeting

Last Friday was a consolatory one for the oil market. According to the report from Baker Hughes, the number of active oil drilling rigs rose to 374 (previous: 371). As a result. The last day of July 2016 saw the price of oil fall to $42.5 per barrel of Brent; a minimum since April. It’s likely that this was triggered by a fixing of profit by the bears. By trading close, the price of oil on Friday stood at around $43.3. On Monday morning the price of oil has continued its rise all the way to $43.7. Through this rise, all Thursday’s and Friday’s losses were won back during the Asian session.
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