Crude Oil saw a monthly gain over 11% at 38.26 while Brent Oil climbed 9% to 40.16 as hopes of a production cut in April will support prices and reduce
Crude Oil saw a monthly gain over 11% at 38.26 while Brent Oil climbed 9% to 40.16 as hopes of a production cut in April will support prices and reduce global inventories. Oil prices were steady to firmer on track to their largest monthly gain in almost a year and also a quarterly rise, helped by a weak dollar and data showing a drawdown in crude stocks at the U.S. futures delivery hub.
But concerns that a proposed production freeze will barely make a difference to the global oil glut kept a lid on the market’s upside, some traders and analysts said.
Crude futures also appeared to have overextended gains with a 50 percent rally since mid-February on the prospect of an agreement among the world’s largest producers to keep oil output at January’s levels, despite little improvement in fundamentals.
Data from market intelligence firm Genscape showed a 807,496-barrel drawdown in stocks at the Cushing, Oklahoma delivery hub for U.S. crude futures in the week to March 29, traders said.
Inventories at Cushing have receded from record highs for two consecutive weeks, with U.S. government data on Wednesday showing a 272,000-barrel drawdown in the week ending March 25.
Total U.S. crude stocks, however, rose 2.3 million barrels last week to 534.8 million barrels, a record high for a seventh straight week.
OPEC crude output rose in March to 32.47 million barrels per day from 32.37 million bpd in February, a Reuters survey said.
In a separate Reuters poll, oil analysts raised their average price forecasts for 2016 for the first time in 10 months but cautioned the rally could fade near term.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more recent analysis and information in our weekly reports and we provide daily updates and outlooks.
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Upcoming Economic Events that you should be monitoring:
Cur. | Event | Forecast | Previous | |||||
Friday, April 1, 2016 | ||||||||
JPY | Tankan Large Manufacturers Index | 8 | 12 | |||||
CNY | Manufacturing PMI (Mar) | 49.3 | 49.0 | |||||
CNY | Caixin Manufacturing PMI (Mar) | 48.2 | 48.0 | |||||
EUR | German Manufacturing PMI (Mar) | 50.4 | 50.4 | |||||
GBP | Manufacturing PMI (Mar) | 51.2 | 50.8 | |||||
USD | Nonfarm Payrolls (Mar) | 205K | 242K | |||||
USD | Unemployment Rate (Mar) | 4.9% | 4.9% | |||||
Monday, April 4, 2016 | ||||||||
China – Tomb Sweeping Day | ||||||||
AUD | Retail Sales (MoM) (Feb) | 0.3% | ||||||
GBP | Construction PMI (Mar) | 54.2 | ||||||
Tuesday, April 5, 2016 | ||||||||
AUD | Interest Rate Decision (Apr) | 2.00% | ||||||
GBP | Construction PMI (Mar) | 54.2 | ||||||
GBP | Services PMI (Mar) | 52.7 | ||||||
USD | ISM Non-Manufacturing PMI (Mar) | 54.1 | 53.4 | |||||
Wednesday, April 6, 2016 | ||||||||
GBP | Services PMI (Mar) | 52.7 | ||||||
CAD | Ivey PMI (Mar) | 53.4 | ||||||
Friday, April 8, 2016 | ||||||||
GBP | Manufacturing Production (MoM) | 0.7% | ||||||
CAD | Employment Change (Mar) | -2.3K | ||||||
Monday, April 11, 2016 | ||||||||
CNY | CPI (YoY) (Mar) | 2.3% | ||||||
Tuesday, April 12, 2016 | ||||||||
GBP | CPI (YoY) (Mar) | 0.3% | ||||||
Wednesday, April 13, 2016 | ||||||||
CNY | Trade Balance (USD) (Mar) | 32.59B | ||||||
USD | Retail Sales (MoM) (Mar) | -0.1% | ||||||
CAD | Interest Rate Decision | 0.50% | ||||||
Thursday, April 14, 2016 | ||||||||
AUD | Employment Change (Mar) | 0.3K | ||||||
EUR | CPI (YoY) (Mar) | |||||||
GBP | Interest Rate Decision (Apr) | 0.50% | ||||||
Friday, April 15, 2016 | ||||||||
CNY | GDP (YoY) (Q1) | 6.8% | ||||||
CNY | Industrial Production (YoY) (Mar) | 5.4% | ||||||
Monday, April 18, 2016 | ||||||||
NZD | CPI (QoQ) (Q1) | -0.5% | ||||||
Tuesday, April 19, 2016 | ||||||||
EUR | German ZEW Economic Sentiment | 4.3 | ||||||
Wednesday, April 20, 2016 | ||||||||
GBP | Claimant Count Change (Mar) | -18.0K | ||||||
Monday, April 25, 2016 | ||||||||
Friday, April 29, 2016 |