Forex Marketz Daily Forex News – Fully Markets Update
Crude oil futures contracts pared some gains during the Asian trade session on Friday. Both oil futures contracts, the international Brent and the U.S. West Texas Intermediate (WTI) saw their biggest one day gains on Thursday.
U.S. President Donald Trump said that he had brokered a “huge” deal between Russia and Saudi Arabia to end the damaging price war and reduce production. However, he made no commitment to reduce U.S. production levels.
As of 1:30 am GMT, the Brent crude oil futures contract was down three percent to trade at $29.05 per barrel. This contract skyrocketed 21 percent on Thursday.
U.S. West Texas Intermediate (WTI) crude oil futures, for front end delivery, also pared gains. This contract was down 5.2 percent to trade at $23.98 a barrel. This contract gained 24.7 percent yesterday.
Crude Oil Traders start to have Doubts over the Deal
Traders are starting to question the deal between Russia and Saudi Arabia that would end the price war between the two oil producing giants. There does not seem to be any mention of any form of cooperation with other oil producers in OPEC or even the United States.
President Donald Trump told reporters, yesterday, that he made no offer to cut back on U.S. output.
He said that he spoke with both Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin. He now expects both nations will cut back on production by ten to 15 million barrels per day.
Traders Look towards the NFP and other Key Economic Data
The economic calendar out of Japan is quiet today. The United States will release their non-farm payroll (NFP) report. The U.S. is also releasing their monthly unemployment rate and average hourly wages.
There is also key ISM PMI data. The Institute for Supply Management (ISM) will release the March non-manufacturing (services) purchasing managers’ index (PMI). The final services PMI is also on the schedule.
The Eurozone is releasing monthly retail sales data. The Eurozone is also publishing monthly final services PMI data. Italy will release their monthly non-manufacturing (services) purchasing managers’ index (PMI). The United Kingdom will publish their final non-manufacturing (services) purchasing managers’ index (PMI).
