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Don’t waste your time – keep track of how NFP affects the US dollar!
OPEC will hold a meeting on March 4, where it should announce its decision on further oil output. Since oil prices have rebounded recently, OPEC members may start slowly increasing the crude production. Oil prices returned to the pre-pandemic levels and settled at fresh 13-month highs.
Saudi Arabia and Russia have opposite views about the oil market. While Saudi Arabia’s side urge to be “extremely cautious,” despite prices rebounding, Russia signals its intentions to raise oil output.
These days, OPEC members are withholding 7 million barrels a day from the market, about 7% of worldwide production. For such countries as Iraq and Nigeria, it's a real sacrifice as it causes economic problems as exports drop. However, it helped to boost oil prices to the current levels.
Investors should focus on two crucial decisions. Firstly, OPEC members have to decide whether to increase output by as much as 500 000 barrels a day or not. They have already discussed it in December, but rejected this idea at the January meeting. Secondly, Saudi Arabia claimed it might cut 1 million barrels a day in any case on a voluntary bias in February and March. The final decision will be made at the meeting.
According to Rystad Energy AS, “the elephant in the room is Saudi Arabia’s gift of 1 million barrels a day in extra cuts. If the gift is snatched back, prices cannot do else but decline.”
Brent oil is getting closer to the key psychological mark of $70.00. It’s unlikely to break it on the first try, but if OPEC prolongs output cuts, Brent oil may rally up above this resistance to the high of May 2019 at $73.00. In the opposite scenario, the increase of oil output will press oil prices down. If Brent drops below the recent low of $62.00, it may fall further to the 200-weekly moving average at $59.00.
Notice that to trade Brent oil with FBS, you can use the XBRUSD instrument.
What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
Optimistic forecasts on oil prices, nuclear talks with Iran, and upcoming OPEC+ meeting. How to trade oil these days?
The Bank of Canada releases a monetary policy statement with an update on the interest rate on June 9, at 17:00 MT time.
Elon Musk, Tesla’s founder and CEO, said the company wouldn’t accept Bitcoin as payment any longer. As a result, BTC/USD dropped to $45,300, the low unseen since March.
Turkey’s central bank governor was at a crossroads: to hold interest rates and take a risk to be fired like it was for three governors before him, or to comply with the president, to cut rates, and to risk the market. Let’s find out, how to react to the rate cut.
The Fed can start tapering already this November, oil is rallying pushing the Canadian dollar up! Jump in to know more!
Germany, the leading economy in the Euro Zone, will reveal one of the key economic indicators – German Ifo Business Climate on September 24 at 11:00 MT time.
On Wednesday, September 22, Microsoft will be holding a product launch. The event starts at 18:00 GTM + 3.
The Bank of England will hold a meeting on Thursday at 14:00 MT time (GMT+3).