Nov. 11, 2020
After starting the day at 41.79, crude rallied to 43.06, hitting its highest point in 2 months, It later lost 1.64 dollars and is now trading at 41.42
This limbo state for Crude is reflected by market data published as United States JOLTs Job Openings (Sep) released earlier, shows an improvement to 6.436 from the preceding data of 6.352, but falls short of the projected 6.5. The United States API Weekly Crude Oil Stock released earlier shows an improvement to -5.147 from the preceding data of -8.01, but falls short of the projected -0.9. The United States 10-Year Note Auction was released on Tuesday at 6:01 PM with a figure of 0.96, This is better than the previous number of 0.765.
Crude oil sails past the 41.46 resistance, and climbs to 41.42.
Meanwhile, mixed performance are seen elsewhere, as at 1.7133, EUR/NZD is down to its lowest value in 8 months. At 1.3463, Singapore Dollar is down to its lowest value in 9 months. At 1.3004, Canadian dollar is down to its lowest value in 10 months. USD/MXN is trading around 20.458 after starting the session at 20.2829 (down 0.86%).
Data to be released later might clear up some of the fog for oil as United States Crude Oil Inventories are projected to outperform last figure at -0.913 while it previously stood at -7.998, data will be released tomorrow at 4:00 PM. United States Initial Jobless Claims projected to outperform last figure with 735, while it previously stood at 751, data will be released tomorrow at 1:30 PM. The United States Core Consumer Prices figure is projected at 0.2 while it previously stood at 0.2, data will be released tomorrow at 1:30 PM. The United States Federal Budget Balance (Oct) expected to decline to -274.5 when its preceding data was -125, Data will be available tomorrow at 7:00 PM.