Forex Marketz Daily Forex News – Fully Markets Update
The price of the US WTI crude oil contract moved higher during the Asian trade hours. There were comments from the leading OPEC oil cartel member, Saudi Arabia, for oil investors to digest. The oil producing kingdom made a commitment, and stressed, that they are willing to chipping away at the global supply glut. They made a promise of deeper export cuts next month. Meanwhile, oil drilling magnate, Haliburton Co. said that output from the United States might slow as prices’ struggle to maintain upward momentum. This should discourage. Crude investors are now waiting on the API inventory flow data.
The US Dollar is seeing broad based weakness thanks to ongoing US political drama. This is good for non-interest bearing asset classes, including gold.
On Tuesday, the Senate will take a procedural vote on whether the Republican health-care bill will be opened for debate or amendments. US President Donald Trump increased the pressure on Senate Republicans to support an overhaul to the healthcare system. He stated that they had “not done their job in ending the Obamacare nightmare.”
Crude Oil Technical Analysis
Let’s look at today’s daily crude technical analysis. Price action, with the US WTI contract, continue to trade sideways below the key resistance consolidation zone that runs from $47.10 per barrel to the July 4 high at 47.30. A daily close above this first resistance zone challenges the next upside barrier lining up at $48.66 per barrel.
The alternative technical analysis, notes the first layer of support lining up at 45.30. A break below this support layer challenges the next downside barrier lining up at 43.80. This is the May 5 low.
