EncoreFX’s daily market updates are written by our experienced and professional dealing team.
NAFTA Deal Unlikely This Week | Oil Prices Inch Higher
Published September 20, 2018
The US and Canada will resume trade talks on Thursday. A deal is unlikely to be reached this week, increasing the odds that the latest deadline will be missed amidst Donald Trump’s threat to freeze Canada out.
Brent crude oil prices jump to $79.83 levels after data showed US crude inventories fell for a fifth week amidst strong domestic gasoline demand and ongoing supply concerns over US sanctions on Iran that come into force in November. Crude inventories fell by 2.1 million barrels to the lowest level since February 2015.
The Turkish lira reversed from gains to losses against the dollar as investors are seeking more detail from Treasury and Finance Minister Berat Albayrak about plans to shore up the lenders and address debt repayment issues for the nation’s companies. The lira dropped to 6.3757 levels.
President Donald Trump resumed his criticism of OPEC, saying that the cartel must get prices down now. Trump’s fresh intervention in the oil market comes before a meeting of ministers from the Organization of Petroleum Exporting Countries and its allies in Algeria on Sunday.