logo |

News

    Home   >     Industry    >     Main body

    Oil Goes Gangbusters but May Face Short-Term Pressure

    Abstract:WTI on Wednesday found some stability at $45.0 and climbed to an intraday high of $46.24, an eight-and-a-half-month high since Mar. 6.

      WikiFX News (26 Nov.) - WTI on Wednesday found some stability at $45.0 and climbed to an intraday high of $46.24, an eight-and-a-half-month high since Mar. 6. Nonetheless, pressures are potentially ahead of oil in the short term.

      The recent positive news on vaccines spurs markets to bet on a recovery of the global economy within 2-3 years. As a result, oil prices rose to 6.8% on Wednesday.

      In addition, Biden has formally begun the transition process, dispelling earlier concerns about post-election uncertainties. He has also nominated former Fed Chair Janet Yellen as Treasury Secretary, who will work with Jerome Powell, current Fed Chair, to accelerate economic recovery.

      Crude oil traders are poised for OPEC+'s delay of three to six months to the planned oil-output increase, which could be another force driving the recent surge in oil prices.

      While the US and Europe have not yet reached their peak number of coronavirus cases, there remain obstacles in the economic recovery as US jobless claims increased to 778,000 in the week ended Nov. 21. Oil prices may be hampered in the short term but will continue to grow in the medium to long period.

      All the above is provided by WikiFX, a platform world-renowned for forex information. For details, please download the WikiFX App: bit.ly/wikifxIN

    分析-11.26.png

      Chart: Trend of Oil Prices

    New Zealand Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    New Zealand Dollar
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.