Advertisement
Advertisement
Advertisement
24option
BREAKING NEWS : $500 - $5000 No Deposit Bonus Hurry up, Join Now!
Written by experienced traders and professional market analysts, our Forex technical analysis is just what you need to get an edge in your Forex trading
Advertisement

Oil: Weakening macro backdrop – ANZ

Written by By Sandeep Kanihama | 2019-09-11 08:32:27 GMT

According to ANZ analysts, crude oil market faces an important decision point, as OPEC and its allies meet to review OPEC’s oil production strategy and the weakening macro backdrop is further complicated by changes in Saudi Arabia’s ministerial responsibilities.

Key Quotes

“The surprise replacement of Saudi Arabia’s Energy Minister, Khalid Al-Falih, with Prince Abdulaziz al Salman raises questions about the kingdom’s oil policy. We don’t see the move as a prelude to significant change. The prince is a long time energy ministry official and has been part of the Saudi delegation that has set the OPEC production policy.”

“As OPEC and its allied producers (such as Russia) meet in Abu Dhabi, they face unprecedented uncertainty. In particular, tension between the US and Iran/Venezuela continues to impact the market.”

“We have subsequently reduced our forecast oil demand growth to 1mb/d this year (from 1.2mb/d). Even so, we see sizeable stock drawdowns in Q4.”

“With crude oil well below Saudi Arabia’s target of USD80/bbl, we feel they have no choice but to continue the current production cut agreement to help support current prices. However, the ability to push prices higher looks limited.”

Author

By Sandeep Kanihama

Start Trading With Top Industry Brokers

Broker Profile Open Account
Capital Index
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:500
  • Broker Type : STP
  • Regulation : FCA (UK), ASIC, SCB
  • HotForex
    XM
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:30
  • Leverage applies to all EU regulated entities of the group. Leverage depends on the financial instrument traded.
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FCA
  • XM
    Tickmill
  • Offer: 30USD No Deposit Bonus
  • Minimum Deposit: 25 USD
  • Leverage of up to 1:500
  • Broker Type : ECN/STP & STP
  • Regulation : FSA SD008
  • Tickmill

    The Best Crypto to Crypto

    Exchanger Advantages Open Account
    binance
  • Safety Stability: Multi-tier & multi-cluster system architecture
  • Binance charges a quite low commission fee
  • Multiple-Coin Support : BTC, ETH, LTC, BNB...
  • High Liquidity
  • Multiple-Language Support
  • binance
    changelly
  • Instant cryptocurrency exchange
  • More than 500,000 satisfied users
  • Changelly charges a quite low commission fee
  • Safety Stability
  • changelly
    bitmex
  • Bitmex - Bitcoin Mercantile Exchange is a cryptocurrency derivatives trading platform.
  • Bitmex charges a quite low commission fee
  • Safety Stability
  • changelly

    Best Brokers to Trade Crypto

    Broker Profile Open Account
    Capital Index
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:500
  • Broker Type : STP
  • Regulation : FCA (UK), ASIC, SCB
  • HotForex
    XM
  • Offer: 30 USD No Deposit Bonus - 50% Deposit Bonus
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:500
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FCA
  • XM
    FBS
  • Offer: 50USD No Deposit Bonus
  • Offer: 100% Deposit Bonus
  • Minimum Deposit: 1 USD
  • Leverage of up to 1:500
  • Broker Type : Market Maker
  • Regulation : CRFIN (Russia), 009069697 IFSC (Belize), IFSC/60/230/TS/12
  • FBS

    Contact us
    fxvnpro@gmail.com
    kieuthanhgc@gmail.com