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13 January 2025,02:13
Trade Of The Day
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13 January 2025, 02:13
* Sanction Shockwave: Oil prices climbed to their highest levels in over three months at Monday’s open, extending their upward trend as investors anticipated that expanded U.S. sanctions would disrupt Russian crude exports to major buyers like China and India. The U.S. Treasury announced on Friday sanctions targeting Russian oil producers Gazprom Neft and Surgutneftegas, as well as 183 vessels used to transport Russian oil, aiming to curb Moscow’s revenue streams that fund its war in Ukraine. These measures are expected to severely hinder Russian oil exports, pushing China and India to seek alternative crude supplies from regions such as the Middle East, Africa, and the Americas—a shift likely to increase both oil prices and shipping costs.
* Technical Breakout: Crude oil price was traded higher following prior breakout above the previous resistance level 75.90. MACD which illustrate persistent bullish momentum signal suggest the commodity to likely extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 80.00. Conversely, a potential reversal is also to be expected and the price could head back towards 75.90.
Looking ahead, investors will turn their attention to key U.S. inflation indicators, including the Producer Price Index (PPI), Consumer Price Index (CPI), and Retail Sales data, to assess market sentiment and potential economic trends.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, global economic updates, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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17 January 2025, 01:42 Crude Oil Falls as Houthis Suspend Red Sea Attacks
16 January 2025, 02:26 USD/JPY Declines on BoJ Hawkish Tone, Intervention Risk
15 January 2025, 02:29 Pound Weakens as US PPI Records Modest Growth
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