img CDN
img AUS
img NZ
Call us now: 1.844.363.7297
imgOnline Dealing Login

Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

Oil Prices React to Upcoming Oil Stockpile Data Release

Published April 11, 2017
  • Oil prices moved from a five week high this morning as investors took profit ahead of weekly data on US oil stockpile inventories; the American Petroleum Institute is set to release its weekly report at 4:30 PM EST
  • Geo-political strife in Syria and potential spillover effects of the Middle-Eastern conflict are supporting higher oil prices; ongoing shutdowns at Libya’s largest oilfield are also creating a boost for the commodity’s value
  • Russian Energy Minister Alexander Novak stated that his country’s oil output would decrease to 250,000 barrels per day by mid-April; oil stands to gain demand from the start of the US summer driving season
  • Federal Reserve Chair Janet Yellen was sparse in details during her speech yesterday at the University of Michigan; Yellen maintained her previous view that rate hikes should be gradual to allow the economy to “coast” and avoid overheating
  • Yellen reiterated that the Fed “wants to be ahead of the curve and not behind it”; odds for a rate hike in June stand at 59%
  • On a data light day, the market is focused on geopolitical risks in Syria and North Korea with special attention to the upcoming French election; investors focusing on the loonie are looking towards comments from the Bank of Canada tomorrow