Oil is now at five-month highs

Weekly Report - 08/04/2019

Oil Surges


On Monday Oil prices surged to their greatest level since Nov last year, pushed higher by OPEC's continuing supply cuts, solid U.S. jobs data and U.S. sanctions upon Iran and Venezuela. Both Brent and WTI scored their greatest levels since November 2018 at $70.75 and $63.44 per barrel, respectively, on Monday.

International benchmark Brent futures moved higher 38 cents, to $70.70 per barrel. The U.S. West Texas Intermediate (WTI) crude went up 37 cents, to $63.44 per barrel. U.S. bank JPMorgan said in a letter published over the weekend. "Brent prices increased more than 30 percent year-to-date as OPEC+ continued to cut supply for 4 months in a row and optimism over U.S.-China trade talks helped to buoy the demand outlook."

The Week that was

On Tuesday, Financial Times said that the officials that are working for a solution regarding a trade deal have resolved most of the ongoing difficulties between US-and China. However, they are yet debating on how to execute and implement such an arrangement. Myron Brilliant, executive vice president and head of international affairs at the U.S. Chamber of Commerce said "Without enforcement, this deal fails,” "You need to have enforcement mechanisms that will ensure that both sides have trust that this deal is sustaining and verifiable."


Main Focus This Week

 European Union marked 10th April the last day for England to come up with a deal. The current Brexit withdrawal date is on the 12th of April. The focus for the week will be the House of Lords vote and an EU Summit Updates.  Any sign of a settlement and expect the GBP to rally. On Wednesday the ECB monetary policy decision and press conference will in focus as well. Any additional hints regarding rates cuts will hit the popular EUR.


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