USD is buying oil at a slow pace – Danske Bank
Source Fxstreet
The US bought crude for its strategic reserves last week for the second straight week, Danske Bank's FX analyst Jens Nærvig Pedersen reports.
Oil market to continue struggling near-term
"On the one hand, the US has started to support the oil market following the recent slump in prices and pause in buying, but on the other hand, it is buying at a slow pace given the current low level of prices."
"The recent signs of weakness in the US economy coupled with the upcoming OPEC+ output hike and trade policy uncertainty have fed bearish sentiment in the oil market and if US buying does not pick up the oil market will likely continue to struggle near-term."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Ethereum Price Forecast: ETH consolidates below $2,000 as Standard Chartered alters its prediction for 2025Ethereum (ETH) remained just below $2,000 in the Asian session on Tuesday as Standard Chartered's Global Head of Digital Assets Research, Geoffrey Kendrick, updated the bank's 2025 price forecast for ETH.
Ethereum (ETH) remained just below $2,000 in the Asian session on Tuesday as Standard Chartered's Global Head of Digital Assets Research, Geoffrey Kendrick, updated the bank's 2025 price forecast for ETH.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP expect volatility around the FOMC meetingBitcoin (BTC) and Ripple (XRP) prices face resistance around their key levels; a firm close above indicates recovery on the cards, while Ethereum (ETH) price finds support at its critical level, suggesting a bounce ahead.
Bitcoin (BTC) and Ripple (XRP) prices face resistance around their key levels; a firm close above indicates recovery on the cards, while Ethereum (ETH) price finds support at its critical level, suggesting a bounce ahead.
The Japanese Yen (JPY) attracts buyers for the second straight day and strengthens to a fresh weekly high against its American counterpart during the Asian session on Thursday.
TradingKey - Ripple's CEO claims the U.S. SEC will drop its appeal against Ripple, but the reality may differ, potentially leading to a pullback in XRP's price. On Wednesday evening, Ripple(XRP)'s CE
After more than four years, the US Securities and Exchange Commission is discontinuing its proceedings against Ripple in the XRP lawsuit. The announcement by CEO Brad Garlinghouse on X—stating
Related Instrument
