- Analytics
- News and Tools
- Market News
Analytics, News, and Forecasts for CFD Markets: raw news — 25-11-2020.
The U.S. Energy
Information Administration (EIA) revealed on Wednesday that crude inventories
decreased by 0.745 million barrels in the week ended November 20. Economists
had forecast a build of 0.127 million barrels.
At the same
time, gasoline stocks rose by 2.200 million barrels, while analysts had
expected a gain of 0.614 million barrels. Distillate stocks fell by 1.400
million barrels, while analysts had forecast a decrease of 1.586 million
barrels.
Meanwhile, oil
production in the U.S. increased by 100,000 barrels a day to 11.000 million
barrels a day.
U.S. crude oil
imports averaged 5.2 million barrels per day last week, down by 26,000 barrels per
day from the previous week.
FXStreet reports that Brent Crude Oil is gaining upward momentum after having been rangebound for months and strategists at Credit Suisse see scope for strength to extend towards $60 should the market see a weekly close above the $46.53 August high.
“Brent Crude has pushed strongly higher after holding the 38.2% retracement of the whole April/September upmove at $34.86 and is now pushing above its $46.53 August high. A weekly close above here would resolve the May-November range higher, with resistance seen next at the 61.8% retracement of the Q1 fall at $50.45, ahead of $55.88 and then the 78.6% retracement and February 2020 high at $59.82/60.00.”
“Whilst we would expect the $60.00 mark to prove a tougher barrier, should strength directly extend, this can expose the $71.75 high for the year.”
“Support at $42.63 now ideally holds to keep the immediate risk higher."
| Raw materials | Closed | Change, % |
|---|---|---|
| Brent | 47.66 | 4.15 |
| Silver | 23.23 | -1.48 |
| Gold | 1807.533 | -1.63 |
| Palladium | 2343.78 | -0.08 |
© 2000-2026. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
