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OPEC members are discussing a potential extension of the oil production cuts through the end of 2020, an OPEC source told Russian news agency TASS on Friday.
The S&P; 500 went back and forth during the week, showing signs of exhaustion as we are clearly a little overextended. That being said though, there are plenty of support levels underneath that I will be watching.
Crude oil markets got absolutely hammered during the week, forming an extraordinarily bearish candlestick. That being said, we are still well within the overall range that we have been in for the year and a half.
The British pound rallied again during the week, breaking above the 200 week EMA before given back quite a bit of the gains. By doing so, the market has formed a bit of a shooting star, suggesting that perhaps we may have to pull back.
The Australian dollar initially tried to rally during the week, but then reached towards the previous downtrend line. Ultimately, the market is approaching the 0.68 level is a sign of challenging support.
The lack of follow-through to the upside following Thursday’s technical bounce suggests the absence of buyers, since the move was likely fueled by profit-taking and short-covering.
It looks like the coronavirus story is not going to go away over the near-term and actually conditions could worsen. It’s difficult for professionals to gauge the impact on demand at this time so we may not see a bottom until the speculators stop shorting the market.
The UAE has made a tremendous amount of money off its oil resource base, but smart investing and an effective divestment strategy are now starting to pay off
Crude oil markets broke down during the trading session on Wednesday, slicing through the last vestiges of support and looking very vulnerable at this point.
Tensions between Turkey and Cyprus that have been simmering for decades flared up again this month after Cyprus called Turkey a “pirate state”
The British pound took off during the trading session on Wednesday as we have bounced from a major trend line, broken above the 50 day EMA, and then break even higher from there.
(Bloomberg) -- Kuwait plans to restart oil production by March at the Wafra field that it shares with Saudi Arabia, more than four years after the neighbors halted output.Wafra has been shut since May 2015, due to a dispute over Saudi Arabia’s renewal of Chevron Corp.’s concession there. The field will resume pumping by March, Kuwaiti Oil Minister Khaled Al-Fadhel said Wednesday by phone.Kuwait’s parliament voted earlier in the day to ratify the agreement the country reached with Saudi Arabia in December to resume production at their shared oil deposits. Fields in the so-called neutral zone can produce as much as 500,000 barrels a day -- more than each of OPEC’s three smallest members pumped last month.Kuwaitis and Saudis alike have said a resumption would be unlikely to add significant amounts of oil to the market within the current duration of the Organization of Petroleum Exporting Countries’ production cuts deal, which runs until the end of March. The neutral zone, spanning more then 5,700 square kilometers (2,200 square miles), was created by a 1922 treaty between Kuwait and the fledgling Kingdom of Saudi Arabia. In the 1970s, the two Gulf Arab monarchies agreed to divide the area and incorporate each half into their respective territory while still sharing and jointly managing the zone’s petroleum wealth. The region contains two main oil fields: the onshore Wafra and offshore Khafji.Khafji was shut down in 2014 after a spat between the neighbors. The disagreement escalated over the Wafra field, when Saudi Arabia extended the original 60-year concession of the field, giving California-based Chevron, through its subsidiary Saudi Arabian Chevron Inc., rights there until 2039. Kuwait was unhappy over the announcement and claims Riyadh never consulted it about the extension.Chevron, which operates Wafra with Kuwait Gulf Oil Co., said in December that it expected full production there to be restored within 12 months.To contact the reporter on this story: Fiona MacDonald in Kuwait at firstname.lastname@example.orgTo contact the editors responsible for this story: Nayla Razzouk at email@example.com, Bruce Stanley, Amanda JordanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.