WTI Oil update Big Week Begins Slowly
The US called upon OPEC+ to boost oil output but has so far been reluctant to tap its own strategic reserves to address the price surge that is denting the economic recovery. It has, though, committed to selling some as part of a past fiscal agreement.
Last week, the London Metals Exchange announced several ad hoc measures to address the apparent shortage of copper. These included requiring large holders to lend the copper back to the exchange, allowing short positions to delay delivery, and limiting backwardation (when near-term prices are dearer than longer-term contracts). As Bernanke once quipped, in a crisis, there are no idealogues, or perhaps fairer, in a crisis, ideology is often sacrificed for expediency.
Oil is expected to move downside as its been already on oversold price. Make your own Risk Reward ratio while trading in Oil
Last week, the London Metals Exchange announced several ad hoc measures to address the apparent shortage of copper. These included requiring large holders to lend the copper back to the exchange, allowing short positions to delay delivery, and limiting backwardation (when near-term prices are dearer than longer-term contracts). As Bernanke once quipped, in a crisis, there are no idealogues, or perhaps fairer, in a crisis, ideology is often sacrificed for expediency.
Oil is expected to move downside as its been already on oversold price. Make your own Risk Reward ratio while trading in Oil