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Wednesday, 22 November 04:34 (GMT -05:00)



Stock and commodities markets

Wall Street Banks Improve Their Oil Forecasts


For the first time in 6 months, Wall Street banks seem to be optimistic about the near future of crude oil, The Wall Street Journal reports.

 

In late October, Bloomberg interviewed America’s 14 biggest investment banks. According to the results of this survey, the average prices of Brent and WTI oil are expected to be around 54 and 51 dollars per barrel respectively. The forecast exceeds the previous one by 1 dollar per barrel for each of them.

 

Last week, Brent oil exceeded the $60/b threshold for the first time in more than 2 years. Experts say that the recent price rally indicates success – the OPEC+ agreement signed in 2016 and extended this year seems to be finally brining fruit.

 

NordFX experts say that it’s now clear why Saudi Arabia, Russia and other OPEC+ participants are willing to extend the deal even further to try and push oil prices even higher.

 

According to a special committee responsible for monitoring the process of implementing the OPEC+ deal, as of September 2017, all the participants complied with the deal by 120%. However, NordFX experts say that the future of the OPEC+ deal is now questioned because of the oil production in the United States. According to The Wall Street Journal, the recent success in the global market of crude oil was mainly dictated by a production slowdown in the USA because of the hurricanes (737 oil rigs last week against this year’s high of 768).

 

However, Commerzbank analysts predict an increase in the U.S. shale oil production in the 1st quarter of 2018 up to a record-high 10 million barrels a day. If that’s the case, this is probably going to press down the prices and make them retrace in the following months. It should be noted that last year WSJ experts predicted the average price of $72/b, while today’s forecast is only $58/b.

 

 

 

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Saudi Arabia Doesn’t Want Oil Prices to Grow Too Fast

Reuters reports that Saudi Arabia doesn’t want oil prices to grow too fast. This is what Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid A. Al-Falih told during his speech at the UN Climate Change Conference 2017 in Bonn, Germany.

Publication date: 19 November 08:58 AM

What’s the Fair Price of Crude Oil Today?

For many economies out there, especially those dependent on the export of crude oil, oil prices have always been a major indicator to monitor. These days, the international expert community is divided over the future of the global oil market. 

Publication date: 18 November 09:36 AM

Crude Oil Stops Being a Lifeline for the Russian Ruble

 The U.S. Dollar is getting more expensive against the Russian Ruble again as the Russian currency is feeling pressure from the new round of the Western sanctions. Crude oil seems to have stop saving the day for the Russian economy and national currency.

Publication date: 18 November 09:33 AM

Oil Market Shows No Reaction To Optimistic OPEC Report

Oil market showed almost no reaction to the annual OPEC oil report released on November 13th, even though the report happened to be fairly optimistic. In particular, while WTI oil futures for December delivery increased in price by as little as 0,11% up to $56,80/b, Brent oil futures for January delivery lost 0.09% and moved down to $63,46/b.

Publication date: 18 November 09:26 AM

Russia Is Still Dependent On Crude Oil

Is the Russian economy getting rid of its dependency on crude oil? Even though Russian politicians say that’s really the case, famous Russian economist Igor Nikolaev tried to find out the truth backed by figures.

Publication date: 17 November 11:52 AM

High Oil Prices Threaten OPEC+

 Today’s oil prices, which are relatively high, as well as some tensions in Saudi Arabia, may hinder the prolongation of the OPEC+ agreement signed last year, PRIME reports.

Publication date: 17 November 11:49 AM

Oil Prices Won’t Exceed $75/b, BofA Experts Say

Even if the geopolitical situation is the most favorable for the global oil market, oil prices are still never going to exceed the $75/b threshold again, Bank of America Merrill Lynch (BofA) experts believe.

Publication date: 17 November 11:13 AM

Cryptocurrency Market Cap Goes Above $200 Billion

Last week, the cryptocurrency market capitalization exceeded the $200 billion threshold for the first time in history. According to Coinmarketcap, a resource monitoring 1254 digital currencies on 6400 online exchanges, Bitcoin was the biggest market driver of the market-cap rally. 

Publication date: 10 November 01:12 AM

CME Group Announces Bitcoin Futures

CME Group, the world’s biggest operator of futures exchanges, has announced Bitcoin futures, the world’s first and most popular cryptocurrency to date. The information was first made public by The Financial Times.

Publication date: 10 November 01:08 AM

Bitcoin Sets New All-Time High At 7848 USD/BTC

Bitcoin, the world’s most popular cryptocurrency, has set another all-time high. The developers decided to abandon the idea of Segwit2x protocol. The news pushed the BTC exchange rate all the way up to $7848, Market Leader reports.

Publication date: 09 November 02:11 AM