Just a week ago we were watching prices for oil soaring higher because of the war conflict ripening in the Middle East. Today we can see similar situation but because of far more pleasant occasion – because of the long-waited signing of the trade deal between China and USA.
The signing triggers American stock market to grow and as a result trading seems much more optimistic today. Sure thing – traders would want to get in on the earning opportunity and as a result trading in all segments of the market would pick up the pace. And commodities and oil are not going to be excluded from the growing assets groups.
There is also a rumor that American oil stockpile is going to be reduced soon enough, so there are rumors about crude deficit – once again. Surely, market reacted to the news the way it always does, by advancing the price for oil.
With strong oil comes strong CAD and RUB, so it is better to watch for those pairings with USD.
Follow oil and currencies with our trading signals.