Back To Work | WTI Slips on Increasing US Rig Count
Published January 28, 2019
government shutdown has ended with temporary funding that will re-open agencies
until the beginning of February. President Trump specified that he is willing
to close the government again through the use of emergency powers if lawmakers
fail to provide funding for the border wall by the deadline.
In USDCAD the
pair has recovered towards 1.3235. This comes as reports surface regarding the
Federal Reserve’s consideration of a stop to shrinking its balance sheet.
Markets will remain on edge ahead of the next round of US-China trade talks
this week, as well as the FOMC meeting where it is expected that the central
bank will pause its tightening cycle.
dropped this morning as US energy firms added considerable amounts of rigs with
an indication that crude production may rise further. This comes as the world’s
second-largest oil user China has reported additional signs of economic
slowdown. West Texas Intermediate oil futures were trading at $53.43 per
likely to test levels above 1.3250 ahead of BOE Governor Carney’s speech. The
UK Parliament prepares for the latest test of their resolve with a fresh round
of voting on Brexit amendments, this comes as Irish Foreign Minister Coveney
has expressed no need for further compromise on the Irish border backstop.