|Day's range||56.54 - 57.55|
The Euro initially tried to rally during the trading session on Tuesday but gave back the gains in order to show signs of weakness again. We are sitting at the 1.10 level, which of course is a large, round, psychologically significant figure, and attracts a lot of attention.
The Australian dollar went back and forth during the trading session on Tuesday, as we have reach down towards the 50 day EMA but then bounced a bit. Ultimately, this is a market that looks as if it is trying to catch its footing.
A United Arab Emirates plan to launch its own global oil benchmark was thrown into confusion on Tuesday after comments made by its own national oil company. ADNOC first said it sees Murban as a contract to replace the global Brent benchmark, only to retract the comment. The development highlights a complex nature of Abu Dhabi National Oil Company's (ADNOC) Murban futures contract.
Oil rose about 1% on Tuesday as markets from stocks to bonds to commodities were supported by hopes that U.S. President Donald Trump may signal progress on trade talks with China. Ahead of Trump's speech to discuss the country's trade policy at the Economic Club of New York at noon (1700 GMT), the benchmark Standard & Poor's 500 Index was trading in record territory, a fact the president often points to as a validation of his economic and trade policies. West Texas Intermediate (WTI) crude rose 68 cents, or 1.2%, to $57.54.
The downtrend is pretty clear, but in order to continue to generate the downside pressure, yields must continue to rise, the dollar has to remain strong and demand for equities must continue to strength. This is because there are wildcards out there that could shift investor sentiment fairly quickly.
Based on the early price action, the direction of the AUD/USD the rest of the session on Tuesday is likely to be determined by trader reaction to the downtrending Gann angle at .6850.
Based on Monday’s close at $56.86, the direction of the December WTI crude oil futures contract on Tuesday is likely to be determined by trader reaction to the main 50% level at $56.81.
US equities recovered well after a feeble start. Markets are struggling as investors struck a cautious chord after a run of not so convincing headlines from the US administration suggested last weeks optimism on the US-China trade talks might have been premature. But with the US market closed for Veterans day, there hasn’t been a lot of traffic overnight either.
Oil prices rose on Tuesday, reversing early losses on hopes that U.S. President Donald Trump may signal progress on trade talks with China in a speech later in the day. Brent crude futures were up 31 cents, or 0.5%, at $62.49 a barrel by 0644 GMT, after dipping to as low as $61.90 earlier in the day. U.S. West Texas Intermediate (WTI) crude was up 23 cents, or 0.4%, at $57.09 a barrel, having fallen to $56.55.
Malaysian palm oil futures rose for a third consecutive session as the country's output in October unexpectedly dropped, while gain in rival oils aided sentiment. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange was up 0.6% at 2,642 ringgit ($638.47) in early trade. The contract rose to a near two-year high in the previous session at 2,657 ringgit a tonne.
Oil prices ended Tuesday little changed after paring gains of about 1% following a speech from U.S. President Donald Trump that offered few new details about Washington's trade talks with Beijing. Concerns about slower economic growth and oil demand due to the fallout from the 16-month trade dispute between the world's two biggest economies have weighed on crude futures. West Texas Intermediate (WTI) crude futures settled down 6 cents at $56.80 a barrel.
Investing.com - Oil prices rebounded on Tuesday in Asia after falling in the previous session amid uncertainty over Sino-U.S. trade progress.
Despite coal’s collapse in North American and European power generation sectors, the fuel continues to get traction in large parts of South-East Asia
The crude oil markets pulled back a bit during the early hours on Monday, as we had seen a bit of a pullback due to fears about the US/China trade talks yet again.
Iranian President Rouhani announced a major oil discovery of more than 50 billion barrels, but didn’t mention any details on how fast the field will begin to be developed
Early in another November week, the oil market is going down againб but it is evident that investors just can’t decide on a more promising direction on a global scale. Currently, Brent is trading at 61.81 USD.
OPEC and allied oil producers will probably extend a deal to limit crude supply but are unlikely to deepen their cuts, Oman's energy minister said on Monday, as the United Arab Emirates said it was not worried about long-term growth in oil demand. "Extension probably, (deeper) cuts I think unlikely unless things happen in the next couple of weeks," the energy minister of non-OPEC Oman, Mohammed bin Hamad al-Rumhy, told reporters at an energy conference in the UAE capital Abu Dhabi.
* Malaysian Oct end-stocks fall after rebound in Sept * Oct exports showed marked rise from past month * Persistent dry weather to weigh on output (Writes through, adds details and trader comments) By Joseph Sipalan and Fathin Ungku KUALA LUMPUR, Nov 11 (Reuters) - Palm oil inventories in Malaysia, the world's second-largest producer of the edible oil, resumed their downward path in October as output fell and the pace of exports quickened, pushing palm prices to a 22-month high. October inventories dipped 4.1% to 2.3 million tonnes, their second lowest level this year after August's 2.25 million tonnes, according to data on Monday from the Malaysian Palm Oil Board (MPOB). The fall in stocks buoyed benchmark palm oil prices , which were up 33 ringgit, or 1.3%, at 2,606 ringgit ($629.77) per tonne at the end of Monday's morning session.
Russia competes with the US and Saudi Arabia for the title of world’s largest crude producer. Although it has set post-Soviet records, a decline in output in west Siberia, a key producing region, has forced the country to seek an innovative approach to boost oil recovery. Unlike the US, where rapid shale oil development has pushed the process of enhanced oil recovery into the back seat, Russia, which does not commercially produce shale oil, has focused on keeping alive mature west Siberian fields by advancing production from hard-to-extract reserves.