Oil had a rocky session on Wednesday, despite strong bearish signals from the Energy Information Agency.
The USD bulls have strong grounds to stand by their bets, and Tuesday’s Manufacturing ISM data proved they are on the right track.
I have never come across a successful directional or short term trader, who traded without any stops.
Discouraging manufacturing data from China pulls down the energy market.
The biggest Oil producing nations will hold a meeting in the middle of March, where output talks will be resumed.
As prices rise, more and more investors will be looking at shale oil, and vice versa.
Check out the main economic news to follow next week.
The Chinese economy remains the main source of volatility on emerging markets.
The US Dollar looks stable against the basket of six other majors.
Investors get rid of their positions to protect themselves from volatility.
We are waiting for USD/RUB to continue falling.
Saudi-Russian proposal to cap Oil output didn’t find adequate support from Iran.
Crude Oil futures surrendered their prior gains during European session on Tuesday.
The Euro has returned to the previously broken daily ascending channel.
Oil rig counts in the US continue to decline, boosting Oil prices.