OIL (CL/WTI): review and forecast During the last few weeks, oil prices were stable, volatility on the market has decreased significantly and the upward trend is gradually becoming flat. The market received contrary signals about further perspective for prices rising . The market is in the conditions of uncertainty, but both sides don't have some determining factors that would seriously affect the prices. #SuperForex #ForexAnalytics #Forexbroker #Forex #USD #GBP #AUD #CAD #EUR
West Texas Intermediate oil fell from the highest price in three weeks as an unprecedented levy on bank savings in Cyprus threatened to worsen Europe’s debt crisis. Libya shut a crude pipeline after protests. WTI for April delivery declined as much as $1.31 to $92.14 a barrel in electronic trading on theNew York Mercantile Exchange and was at $92.29 at 3:09 p.m. Singapore time. The contract climbed 42 cents to $93.45 on March 15, the highest settlement since Feb. 20.
The rates of the AUD/CAD continue in the frames of uptrend which has been formed in the beginning of the year. The canadian dollar is under the pressure of the record low oil prices this year. The price of oil fell for the week from 54 to 48 dollars per barrel for CL/WTI, contrary the forecasts for further stabilization of the market amid reduction of oil production. OPEC continues to say that the countries who joined the Agreement on the reduction of oil abide it in 90%. #SuperForex #Forex