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Crude oil rebounds from critical price level

September 7, 2016 7:43 PM
Since Friday, the West Texas Intermediate (WTI) US benchmark for crude oil has been rebounding from a critical price juncture around the $43 level. This rise has been driven primarily by tentative hopes for an agreement among Russia, Saudi Arabia, and potentially other OPEC members to limit oil production in the interest of steadying crude prices. A...

Another crude roller-coaster ride for oil traders

September 5, 2016 6:00 PM
North American investors are away in observance of the Labor Day. Understandably, it has been a quiet day in FX, bond and stock markets. But for one particular market, it has been an exceptionally volatile day. Crude oil took a roller coaster ride, rising nearly 5% this morning before giving up much of those gains.

Crude trims losses after freeze deal collapse

April 18, 2016 12:30 PM
<p>Sunday’s meeting of crude producers in Doha ended without any agreement to curb oil production. The reaction of oil prices has been logical: a six per cent gap down at the open overnight. Oil prices have since rebounded strongly off their lows, in part due to short covering. Clearly, many people were surprised that after so much talk, a 'freeze' ...

Crude may struggle to rise further ahead of Russia-OPEC meeting

April 13, 2016 6:00 PM
<p>The long wait for the much-anticipated Russia-OPEC meeting is almost over. The general feeling is that an agreement will be reached on Sunday in Doha to freeze oil production at January’s levels, with or without Iran’s participation. This outcome is mostly priced in but will still likely give prices a further short term boost. However, will it be...

USD/CAD rallying on oil weakness, but 1.40 barrier still intact

February 16, 2016 3:55 PM
<p>Traders are abuzz this morning with the “news” that Saudi Arabia, Russia, Qatar, and Venezuela have agreed to freeze oil output at the January’s levels, ostensibly in an effort to support oil prices. Speaking bluntly, this agreement (which is still conditional, as it depends on other countries supporting the move) is hardly a game-changer from a ...