Oil Market Expected to be Worse Because of Dropping in US Stock and Oil



WikiFX News (7 Sept) - the US stock index and yields have reported to bounce off recently after the release of the US non-farm payrolls report, or NFP, in August, with the index rising to an intraday high level of 93.24, hitting a week high; WIT crude oil falling to an intraday low level of 39.35 dollars, recording a month low.
The NFP in August showed that jobs increased by 1.371 million and unemployment rate decreased by 8.4%. Although it revealed an optimistic market, the working population, objectively speaking, presents a sign of slowdown. In addition, the permanent unemployment rose to 3.4 million. Therefore, there are great uncertainties about the recovery in the US economy.
According to the performance of US stock on Sept. 4th, it is obvious that the US stock wasnt stronger for benefiting from the NFP and three benchmark indexes generally dropped. It is expected that the oil may encounter further the sustained selling pressure from the US stock.
This Saturday will see the interest rate decision in September by the European Central Bank (ECB). Considering the worse European coronavirus situation, the ECB warned last week that the euro depreciated fast. The more easing signals by the ECB may put pressure on the euro, strengthen the US stock index and drive further downside in the gold price.
Moreover, the adds are that the oil demand becomes worse during the upcoming seasonal shutdown maintenance of oil refineries. The oil price, so far, has fallen below the level of 40 dollars, and is expected to be confronted with selling pressure if it cannot break upward the level of 41.3 dollars in the near term.
All the above is provided by WikiFX, a platform world-renowned for foreign exchange information. For details, please download the WikiFX App: bit.ly/WIKIFX

Three benchmark indexes chart
Latest News
-
AUD/USD Daily Forecast – Test Of Support At 0.7675
WikiFX | Industry 2021/1/18 0:44:16
-
GBP/USD Daily Forecast – British Pound Is Losing Ground At The Start Of The Week
WikiFX | Industry 2021/1/17 22:56:20
-
Broker Updates During Jan 11-17
WikiFX | News 2021/1/17 2:01:01
-
Gold Retreats to $1,800 on Dollar's Rally
WikiFX | News 2021/1/18 7:01:36
-
GBP/USD Daily Forecast – British Pound Gains Ground Against U.S. Dollar
WikiFX | Industry 2021/1/18 22:49:26
-
Story - My Experience with IC Markets
WikiFX | Exposure 2021/1/18 4:10:00
-
What is a Forex Spread in Trading (Part 4)
WikiFX | News 2021/1/17 8:00:00
-
What is a Forex Spread in Trading (Part 5)
WikiFX | News 2021/1/18 6:54:56
-
How Forex Market Puts Traders into Profits?
WikiFX | News 2021/1/19 6:47:09
-
USD/CAD holds above key support near 1.2715 ahead of data, Yellen
WikiFX | News 2021/1/19 3:42:35
United Arab Emirates Dirham
- 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
- Amount
- United Arab Emirates Dirham
- Available
- -- United States Dollar