Dodgy moves on Oil

By Tomasz Wisniewski|

Published: November 22 2022, 09:54 GMT+0

Dodgy moves on Oil


Monday had an unusually empty agenda but that doesn’t mean that there was a lack of proper moves on the market! The most shocking one was definitely the whipsaw in Oil prices which happened right in the middle of the American session. It’s been some time since we have last seen this kind of movement on the Black Gold.

It all started after the WSJ published an article on Saudi Arabia and other OPEC members considering a supply rise. The rumor was quickly denied by Saudi Arabian authorities who claimed that the current OPEC+ agreement will remain in place until the end of 2023, which was later confirmed by the UAE Energy Minister as well. As a result, Oil dropped quicky by circa 4 USD and then reversed even more rapidly, now trading above the levels seen at the time of the initial WSJ article publishing.

Yesterday, we also heard a few words from the FED’s Loretta Mester, claiming that the FED can slow down the pace of hikes now and that the most recent data can be encouraging, although this is just the beginning.

Indices remain firm and close to the mid-term highs, even though the last few hours of the Asian session were negative. This might actually prove beneficial for the European bulls as they will be able to start a day slightly lower, having enough room to initiate own gains.

EURUSD suffered three consecutive bearish days and is starting Tuesday with a small upswing. The mid-term sentiment remains positive. USDJPY had a great session yesterday as the price surged and confirmed a defense of the 139 horizontal support. Here, the buy signal is ON.

On the Stock market front, Tesla made fresh lows and is on the lowest levels since almost precisely two years ago. Apparently, the shareholders are not too happy about Elon Musk’s financial decisions in light of his Twitter takeover. A nice upswing can be seen at Disney who changed its CEO.

In today’s calendar, we will see retail sales from Canada and hear statements of several prominent central bankers from the USA.