Open an Account
Open an Account

Market Mood USOIL 03.11.20

Market Mood USOIL 03.11.20

Market Mood USOIL 03.11.20

in Weekly Forecasts

Listen to the latest market mood for the USOIL.

Oil was able to stage quite a recovery yesterday putting in a Bullish Outside Bar on the daily chart from key support. What was the reason for this? It was all about the coming OPEC+ production cuts which are scheduled to be withdrawn at the start of 2021. The significant news that haloed with the recover was that the Russian energy minister met with domestic oil companies and they discussed the potential for rolling over current production cuts for an additional 3 months until the end of Q1 2021.

This means that pullbacks in oil should find buyers ahead of the US election today. However, remember that a Biden victory is still expected to be a negative for US oil and could put some pressure on prices in the near term.

Trade Risks: The main risk to this trade is any negative news from OPEC+ that scheduled production cuts will be lifted at the start of 2021.


Latest Posts

12/11/2020
This week’s RBNZ rate meeting in focus
12/08/2020
UK employment falls by highest amount in a decade
02/06/2021
Strong seasonal pattern for Amazon
23/06/2023
UK stagflation

HYCM Lab is a financial analysis source that provides regular insights on how global news affects the markets including forex, commodities, stocks, indices, and cryptocurrencies*. Run by the HYCM team, it equips traders with everything needed to make informed trading decisions.

Legal Forms & Documents      |      Risk Warnings      |      Cookies Policy

Disclaimer: Any opinions made may be personal to the author and may not reflect the opinions of HYCM. All expressions of opinion are subject to change without notice. This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by an employee of HYCM, a third party or otherwise. Past performance is not an indication of possible future performance. Without the approval of HYCM, reproduction or redistribution of this information isn’t permitted.

Legal Information: HYCM is the trading name of HYCM Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Limited and HYCM Capital Markets (DIFC) Limited for which the HYCM Capital Markets group is holding company and its assets are a controlling equity interest in them.​

High-Risk Investment Warning: Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. Trading CFDs carries a high degree of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent expert advice if necessary and speculate only with funds that you can afford to lose. Please think carefully whether such trading suits you, taking into consideration all the relevant circumstances as well as your personal resources. We do not recommend clients posting their entire account balance to meet margin requirements. Clients can minimise their level of exposure by requesting a change in leverage limit. For more information please refer to HYCM’s Risk Disclosure.

*Cryptocurrencies are not available for trading under HYCM (Europe) Limited and HYCM Capital Markets (UK) Limited (retail clients only).

*Other fees may apply, such as withdrawal fees, dormant account fees, swaps, and spreads.

*Certain products & services mentioned herein may or may not be available to all clients depending on which HYCM Capital Markets Group entity their trading account(s) adheres to.

*Any opinions made in this material are personal to the author and do not reflect the opinions of HYCM. This material is considered a marketing communication and should not be construed as containing investment advice or an investment recommendation, or an offer of or solicitation for any transactions in financial instruments. Past performance is not a guarantee of or prediction of future performance. HYCM does not take into account your personal investment objectives or financial situation. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast, or other information supplied by an employee of HYCM, a third party or otherwise.

Copyright © 2023 HYCM

Legal Forms & Documents

Risk Warnings

Cookies Policy

Disclaimer: Any opinions made may be personal to the author and may not reflect the opinions of HYCM. All expressions of opinion are subject to change without notice. This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by an employee of HYCM, a third party or otherwise. Past performance is not an indication of possible future performance. Without the approval of HYCM, reproduction or redistribution of this information isn’t permitted.

Legal Information: HYCM is the trading name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Limited and Henyep Capital Markets (DIFC) Limited for which the Henyep Capital Markets group is holding company and its assets are a controlling equity interest in them.

* Cryptocurrencies are not available for trading under HYCM (Europe) Limited and Henyep Capital Markets (UK) Limited (retail clients only).

*Any opinions made in this material are personal to the author and do not reflect the opinions of HYCM. This material is considered a marketing communication and should not be construed as containing investment advice or an investment recommendation, or an offer of or solicitation for any transactions in financial instruments. Past performance is not a guarantee of or prediction of future performance. HYCM does not take into account your personal investment objectives or financial situation. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast, or other information supplied by an employee of HYCM, a third party or otherwise.

Copyright © 2023 HYCM