OctaFX | OctaFX Forex Broker
Open trading account
Back

US GDP numbers and strong USD boost WTI price

FXStreet (Łódź) - Independent Analyst Malcolm Graham-Wood notes that while Brent is down on Monday and nearing recent lows, WTI is outperforming.

Key quotes

"WTI outperformance is partly due to the US GDP numbers last week but also the strength of the greenback and also the crude draw last week which caught the market by surprise."

"Probably the biggest loser amongst the oil producing stakes when prices fall is Iran, which despite being under sanctions has a very high break even rate at the moment."

"Oil Minister Bijan Namdar Zanganeh spoke on Friday asking Opec to ‘work together’ to halt the slide in crude prices."

"Although there will be some negotiations going on behind the scenes the next Opec meeting is not until November 27th so it might be a tricky month or two."

GBP/USD's shy recovery contained at 1.6250

The Sterling's recovery from nearly 2-week lows around 1.6210 against the US Dollar was contained by the 1.6250 level where the pair found selling interest.
Read more Previous

EUR weakness to continue on ECB policy announcement - RBS

The RBS team of analysts expect Mario Draghi to give more details on ECB's asset purchase scheme at the monetary policy meeting this Thursday.
Read more Next
Start livechat