OctaFX | OctaFX Forex Broker
Open trading account

Oil hits fresh lows below $41 after a short-lived rally

FXStreet (Córdoba) - Oil prices are back into negative territory and below the $41 area after being unable to hold to gains.

The price of the WTI barrel jumped after Iran official's mentioned that an output cut was agreed at the OPEC meeting. Then representatives from other countries denied a support for a cut, and the price reversed sharply.

Price peaked at $41.95 but only to dropped back below $41.00 in a movement of a few minutes. Crude currently trades at $40.70, at the lowest level since November 23, on the back of a stronger US dollar and a larger-than-expected increase in crude inventories (reported by EIA).

NZD/USD upside limited - UOB

Analysts at UOB Group noted that NZD was one of the strongest performers on Tuesday, after dairy prices rose for the first time in almost two months and as the greenback struggled to gain any traction.
Read more Previous

GBP/USD continues to drop, and about time too!

GBP/USD is taking a large amount of supply as we head towards the key Nonfarm Payrolls outcome this week and a big test in sterling comes with EUR/GBP testing a triple top while cable tests March/April ranges below 1.4950 and seven-month lows without much in the way of technical support until April lows atr 1.4566. However, stops were triggered and leaves cable in oversold territory in a market already heavily long-dollars.
Read more Next
Start livechat