EUR/USD looks north as the dollar takes a beating against most currencies. Brent crude…, Oil prices stabilized today after the Energy Information Administration reported a crude oil inventory draw of 2 million barrels for the week to September 25. ETFs amassed record inventory in the first nine months of 2020. Trading volume was also relatively thin in the May contract. Since Canadian dollars are needed to purchase and move oil across the border, the demand for oil tends to have a direct impact on USD/CAD price action. Crude oil prices inched up further today after the Energy Information Administration reported a crude oil inventory draw of 4.4 million barrels for the week to September 11. Please read our privacy policy and legal disclaimer. Disclaimer. Sanctions or foreign policy: What is the main problem of Iran's oil industry? The energy benchmark respects the upside break of 200-day SMA and a five-week-long descending resistance line, now support. To see how, and to learn how to control cookies, UK petrol prices to rise after Opec deal cuts oil production, Opec has agreed to cut oil production in 'historic agreement', Opec's production cut sends oil price higher. Top Republican Mitch McConnell avoids White House over Covid-19, Record deal to cut oil output ends price war, Seafarers in limbo as coronavirus hits shipping. But it might not last, Saudi Arabians are greeting austerity with satire, Oil prices rise above $50 for first time since August, Global stock markets rally as OPEC agrees to slash oil production, Oil prices are rising, but it's no time for the industry to celebrate, Oil demand set to slow in 2017 due to weak economic outlook, Petrol prices: the most expensive countries to fill up your car mapped, Oil price to cost 124,000 UK jobs by the end of 2016, study warns, World Bank cuts global growth forecast to 2.4%, Shell says BG takeover will make an extra $1bn in savings, Why the oil price could make you think twice about ordering dessert, The untold story behind Saudi Arabia’s 41-year US debt secret, Shell cuts 2,200 more jobs due to prolonged low oil prices, Higher oil prices could be just what we need to help tackle deflation, BP chief Bob Dudley pay rises to £14m despite 2015 record loss, Extra 20% off Sale items with this ASOS discount code, 5% off Travelodge discount when you sign up for the newsletter, Eve Sleep sale: save up to 50% on selected items, Up to 40% off selected restaurants at Just Eat, Take 30% off new-in fashion with our boohoo discount code, Take 20% off selected getaways with this Groupon deal, CDKeys Sale! GBP/USD holds near session highs above 1.2950, flashing a three-day winning streak. VideoFinal call for BA 747s. Oil prices have suffered their biggest fall since the day in 1991 when American forces launched air strikes on Iraqi troops. N.B. Venezuela’s Crude Oil Industry May Never Recover, Natural Gas Will Rule The US Energy Market For Decades, Renewable Energy Continues To Eat Away At Fossil Fuel Dominance, The Nine Key Points In Biden’s Energy Strategy. In fact, it's the U.S.'s main supplier, as it sends about 2 million barrels of oil a day to its southern neighbor. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts. "It hasn't taken long for the market to recognise that the Opec+ deal will not, in its present form, be enough to balance oil markets," said Stephen Innes, chief global market strategist at Axicorp. And it's not just about whether we can use it. Souring Fundamentals Force Brent Crude Oil Below $40, Oil Rallies As Trump Returns To The White House. Want an ad-free experience?Subscribe to Independent Premium. The use of this website constitutes acceptance of our user agreement. Energy news covering oil, petroleum, natural gas and investment advice WTI refreshes three-week high while carrying the run-up beyond key EMA, falling trend line from September 04. We also look at events that cause oil price movements. The Gulf countries produce oil at the lowest cost — estimated at $2-$6 a barrel in Saudi Arabia, Kuwait and the United Arab Emirates — but due to high government spending and generous subsidies for citizens, they need a price in the range of $70 a barrel or higher to balance their budgets. And finally…, Crude Oil Rises on Tailored Stimulus Hopes; Norwegian Strike Spreads, Canadian dollar notches a 17-day high as oil rallies, CANADA FX DEBT-Canadian dollar notches a 17-day high as oil rallies, Cary approves economic incentive agreement with Selcke property developers, The Green Energy Company That Is Bigger Than Either Chevron or Exxon, Top Energy Analysts See Oil Up 25% or More in 2021: 5 Top Stocks to Buy Now. Can it be stopped? Coronavirus: Why are infections rising again in US? FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. Canada happens to be the world's seventh largest oil producer. Here's why it's happened and what it means. All the latest news about Oil from the BBC. All times are ET. The kingdom is also reportedly planning to lift production to over 10 million barrels a day. the latest on value rises or falls, analysis, oil demand, production or news relating to any possible change in oil price. It's interesting to see that aside from risk sentiment and fundamentals, oil also plays a big factor in Loonie price action. Other important group of influent pairs includes: EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CHF and NZD/USD. of State Pompeo: The US is sanctioning 18 major Iranian banks, WTI climbs to highest level in three weeks above $43, EUR/USD eyes 50-day SMA as Yuan hits 18-month high against the greenback. WTI crude prices rose by…, Oil prices rose on Tuesday afternoon, ahead of the weekly crude inventory data releases, but traders remain concerned about the pace of the recovery in global oil markets.

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