West Texas Intermediate crude on a spot basis has climbed to a high of $53.52 from a low of $51.39 in a 4% move on the daily candle. The conflicting headlines over US/Sino trade talks have provided two-way business across the global financial and commodity markets. Specifically, the headlines have parsed fundamentals such as OPEC’s monthly assessment of global supply and demand. Stock Global broker reviews The build-up to the talks was drowned in scepticism which had lead to a sell-off in riskier plays such as stocks and oil at the start of the week.However, just as traders were banking on further sell-offs following an article in Chinese press that stated the Chinese delegation would cut the negotiations short considering the damage done via the US State Department in the blacklisting of Chinese companies, there was a quick turn around in sentiment when a Bloomberg News reported that the White House could put in place a currency pact and suspend tariff increases that are set to take effect Oct. 15. “Asset Gates broker reviews Big day of negotiations with China. They want to make a deal, but do I? I will meet with the Vice Premier tomorrow at The White House,” said Trump and risk rallied. Subsequently, WTI for November delivery climbed 68 cents, or 1.3%, to $53.27 a barrel on the New York Mercantile Exchange. “Barkindo’s messaging suggests that OPEC is wary of the ‘catastrophic’ consequences of a no-deal scenario in the US-China trade talks,” analysts at TD Securities explained, adding: While the price has corrected, it is still some way off, 2% in fact, from the 21-Day moving average target. Bulls will need to get over the gain line in order to find a footing on the 55 handle with prospects of a run through the 50 and 200-DMAs. A 50% Fibonacci retracement of the 16th Sep to 3rd Oct lows will then come into play in the 57 handle. On the other hand, a break below the 50 handle opens the Nov 2018 lows at 49.39 which are guarding the 46.90 level ahead of the18th Dec lows down at 45.77 ahead of the Dec double bottom lows below 42.50.Forex Crunch is a site all about the foreign exchange market, which consists of news, opinions, daily and weekly forex analysis, technical analysis, tutorials, basics of the forex market, forex software posts, insights about the forex industry and whatever is related to Forex.Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader’s level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch’s authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage
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