CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the High risk of losing your money.

WTI clings to daily gains after Baker Hughes data, adds nearly 10% this week

2019-06-22 02:35

  • U.S.-Iran conflict fuels crude oil's rally this week.

  • Baker Hughes rig count ticks up to 789 from 788.

  • Barrel of WTI posts largest weekly gain in a long time. 



Crude oil rallied this week boosted by a number of critical developments and the barrel of West Texas Intermediate gained nearly 10% to post its largest weekly percentage gain since November 2016. As of writing, the WTI was adding nearly $5 on the week and 0.6% on the day.



Escalating tensions in the Middle East after Iran shot down a U.S. drone earlier this week caused concerns over major supply disruptions and President Trump announced that more sanctions on Iran were added last night. Commenting on the conflict and its potential impact on the oil market, "There is no doubt that a severe disruption to the transit of oil through this vulnerable route would be extremely serious," said consultancy FGE Energy in a note, via Reuters. 



Additionally, hopes of President Trump and President Xi meeting on the sidelines at the G20 and taking a step toward a trade agreement provided an additional boost to commodities this week. 



Meanwhile, the last data of the week from the U.S. published by Baker Hughes Energy Services revealed that the number of active oil rigs in the U.S. rose to 789 from 788 a week ago but didn't have a notable impact on crude oil prices.



Technical levels to watch for





 


This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.

Economic news

    Exchange Rates

    GBPUSD +1.69% 1.31583
    EURUSD +0.40% 1.18677
    XAUUSD +0.79% 1925
    XTIUSD -3.23% 40.017
    NAS100 +0.08% 11712.5
    US30 -0.11% 28308.3