Based on a Bloomberg report, this would be the “biggest such deal globally in three years”. Unnamed sources indicated that the Saudi government is aiming to sell approximately 1.55 billion Aramco shares at roughly $7.27 (27.25 SR) each – constituting a 6% discount based on the stock’s closing price prior to this announcement. Hours after…
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The seven members are Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman. Officials, who wished to remain anonymous, indicated that additional limits will be considered in March. With a tempered oil price of around $80 per barrel, the surge in US shale production, and the Red Sea conflict endangering shipments, OPEC+ members find it…
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In the previous week after some very positive news for the dollar like a decreased trade deficit on the balance of trade, lowered unemployment rate and better than expected NFP. This created some losses on the oil chart against a stronger dollar and is currently on the move to regain back those losses. On the…
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European Shares Equities drifted in Europe on Friday, extending overnight losses in Asia while US futures also point to a bearish open for the last significant trading session of 2022. This morning’s slew of mixed macro data from the old continent, including the French PPI, Spanish GDP and Italian business and consumer confidence, combined with…
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The US energy department announced on Friday that it will start repurchasing crude for the Strategic Petroleum Reserve - the first purchases since releasing a record 180 million barrels from the reserve this year in an effort to support the economy from increasing fuel costs. On the technical side we see the price continuing the…
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From the technical analysis perspective the price is currently trading around the 0.99900 price area just above the 61.8% of the fibonacci retracement level. The US inflation rate is expected to affect the fiber chart with the market expecting a decrease on the figure (8%). This publication will possibly create volatility and might give the…
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OIL WTI reversed earlier gains and is flat so far during early Thursday trading. A surge in coronavirus cases caused by the Delta variant is forcing several countries around the world to impose new lockdowns, a scenario that is likely to negatively impact fuel demand. Also weighing on the price of oil is a surprise…
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GOLD Gold is still trading inside its mid-term bullish channel, above the support at $1,808 as well as the 89 period Exponential Moving Average (EMA) despite an increase in risk appetite. It is not so usual to see “risk-off” assets edge higher even as stocks and other riskier assets trade near record levels as the…
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OIL Oil markets are holding losses following yesterday’s break-out of their short-term bullish channel. Market sentiment towards oil turned negative this week as more and more bearish drivers piled up, leading prices to a sharp but potentially limited correction. In fact, short-term investors scared by demand disruptions from China, caused by the rapid spread of…
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OIL Black gold keeps on trading inside its mid-term bullish channel today despite its failure to clear the $73.85 level last week. The current rebound over the lower band of the bullish channel at $72.30 isn’t reassuring investors as it remains limited compared to the recent 2% correction. Despite a decreasing US dollar providing fresh…
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