US Dollar, Bank of England, Treasuries, OPEC+, Crude Oil, Japan - Talking Points
Crude oil dropped a whopping 4 percent before trimming losses following reports that President Trump called OPEC to put pressure on the oil cartel to increase market supply and send prices lower.
West Texas Intermediate Crude oil touched $63.15 on Monday, the lowest level since April 5 as a Russian official questioned the adverse impact to their market share from OPEC+ orchestrated cuts.
The price of crude oil is up a whopping 38 percent year-to-date as fading fears over slowing global growth and OPEC supply cuts boosted the commodity higher. Although, recent gains could be jeopardized if sentiment sours again.
Can the downward pressure on crude oil prices from weakening global demand be offset by the stimulative measures from OPEC+ cuts, and from US-imposed sanctions on Iran and Venezuela?
Crude oil prices remain supported by supply cuts and trade deal hopes even as the economic data have proven disappointing. That support could wane a little this week
President Trump took his latest jab at OPEC and the oil cartel's supply cuts which sent crude plunging nearly 1 percent as the US President stated the importance of OPEC increasing the flow of oil.
Gold prices may be carving out a topping chart pattern. Soundbites form an OPEC+ meeting and EIA drilling data may highlight competing influences on crude