Breaking News in the Financial World
Israel and US Ceasefire Proposal
- Israel has agreed in principle to the ceasefire proposal from the US, awaiting Hezbollah’s signature.
Trump Imposes Tariffs on Canadian Imports
- President-elect Donald Trump announces 25% tariffs on imports from Canada, sparking talks with PM Trudeau.
US Dollar Index Update
- The US Dollar Index fluctuates as the strength of the Canadian dollar is offset by the Euro and Swedish Krona.
Crude Oil prices are on the rise ahead of the API’s weekly stockpile change report, following Trump’s tariff announcements. In the Middle East, Israel’s PM Netanyahu has agreed to a US ceasefire proposal, pending Hezbollah’s approval.
The US Dollar Index struggles due to the weaker Canadian dollar, with traders eagerly awaiting the Fed Minutes release for insight into a potential December interest rate cut.
Currently, Crude Oil (WTI) trades at $69.34 and Brent Crude at $72.98.
Oil Market Highlights: API Data and More
- RBC’s Helima Croft suggests OPEC+ should extend production normalization to Q2 2025 for market clarity.
- Russia sees a drop in crude exports, impacting shipments to India.
- Oil traders anticipate a pricing adjustment as the Middle East ceasefire deal approaches.
- Key OPEC+ nations convene in Baghdad to discuss energy markets ahead of the year-end meeting.
- API will release weekly Crude stockpile change numbers at 21:30 GMT.
Oil Technical Analysis: Price Movements and Predictions
Crude Oil prices may see a surge amid volatility, but OPEC+ delays in production normalization could persist. With US Oil production increasing, questions arise about OPEC’s plans for 2025.
Resistance levels include the 100-day SMA at $72.53 and the pivotal level at $71.46, with further tests at the 200-day SMA and $75.27. Support levels start at $67.12, with lower levels at $64.75 and $64.38.
US WTI Crude Oil: Daily Chart
WTI Oil FAQs
WTI Oil, also known as West Texas Intermediate, is a high-quality Crude Oil benchmark that is easily refined. It is influenced by global growth, political instability, OPEC decisions, and the value of the US Dollar. Weekly reports by API and EIA impact prices, reflecting supply and demand changes.
OPEC’s decisions, including production quotas, play a significant role in WTI Oil prices. OPEC+ discussions and global market dynamics also affect price movements.