WTI crude oil climbs above $80 for the first time in a week
The rise in oil prices has compounded the problems in the bond market today and conspired to help lift USD/JPY. It's up $2.44 to $80.16 in its largest gain since February.The thing is: This move is hard to pin down. The OPEC decision is on Sunday and there have been plenty of leaks and there's a decent consensus that cuts will be prolonged but that's hardly a sure thing, and nothing new.There has been some technical buying but that trendline isn't a critical one and the May high of $80.60 still stands in the way. Overall, I have a hard time believing in whatever the oil market is trying to sell today. This article was written by Adam Button at www.forexlive.com.
The rise in oil prices has compounded the problems in the bond market today and conspired to help lift USD/JPY. It's up $2.44 to $80.16 in its largest gain since February.
The thing is: This move is hard to pin down. The OPEC decision is on Sunday and there have been plenty of leaks and there's a decent consensus that cuts will be prolonged but that's hardly a sure thing, and nothing new.
There has been some technical buying but that trendline isn't a critical one and the May high of $80.60 still stands in the way. Overall, I have a hard time believing in whatever the oil market is trying to sell today. This article was written by Adam Button at www.forexlive.com.
