Forex News April 6, 2022

 

Oil

  • Talk of reserve releases is insufficient to keep oil below $100.
  • That’s one of the more common market adages, and it may well be applicable to what we’re seeing in oil prices right now.
  • Oil is up 1.6 percent today, as the price remains above $100 for the time being.
  • A record crude reserve release by Biden, as well as talk of more from the IEA, has weighed on sentiment, but in the big picture, we’re still stuck in the $95 to $125 range in oil. What’s more encouraging for bulls is that the price has managed to stay above $100.
  • One argument is that, while these releases are significant, they are only a band-aid and not a long-term solution to the structural issues in the oil market.
  • As much as oil may be “struggling” to reach the highs seen during the height of Russia-Ukraine conflict fears, the fact that it is staying up is, in my opinion, a strong indicator of where sentiment is leaning.

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#edgeforex #forextrading #forexsignals #forex #trading #oil #russia #prices #dollar #stocks #equities #range #highs #disruption #cryptocurrency #bitcoin

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