Oil prices grow amid OPEC+ decision to extend cuts – ING
Source Fxstreet
The oil market had a strong end to 2024 and a strong start to 2025 with ICE Brent trading above $76/bbl in early January, ING’s commodity analysts note.
Middle East physical market gets stronger
“In early December, OPEC+ agreed to a further extension to its supply cuts, leaving the market with a smaller-than-expected surplus for 2025.”
“In addition, broader sanctions against Iran and Russia have seen Asian buyers looking for other Middle Eastern oil grades, leading to a stronger Middle East physical market. There is also uncertainty over the Iranian oil supply once Trump enters office later this month.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Forex Today: Markets await comments from Fed officials ahead of Friday's job reportHere is what you need to know on Thursday, January 9: The US Dollar (USD) gathered strength against its rivals for the second consecutive day on Wednesday as markets assessed US data releases and news on President-elect Donald Trump's tariff plans.
Here is what you need to know on Thursday, January 9: The US Dollar (USD) gathered strength against its rivals for the second consecutive day on Wednesday as markets assessed US data releases and news on President-elect Donald Trump's tariff plans.
EUR/USD: Below 1.0255 before further losses can be expected – UOB GroupInstead of declining further, EUR is more is likely to trade in a 1.0275/1.0355 range. In the longer run, EUR has to break clearly below 1.0255 before further losses can be expected, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
Instead of declining further, EUR is more is likely to trade in a 1.0275/1.0355 range. In the longer run, EUR has to break clearly below 1.0255 before further losses can be expected, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
GBP/USD: Significant support level at 1.2300 can be out of reach – UOB GroupThe Pound Sterling (GBP) is likely to decline; the significant support level at 1.2300 could be out of reach. In the longer run, risk has shifted to the downside but note that there is a significant support level at 1.2300, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
The Pound Sterling (GBP) is likely to decline; the significant support level at 1.2300 could be out of reach. In the longer run, risk has shifted to the downside but note that there is a significant support level at 1.2300, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
The Pound Sterling (GBP) underperforms its major peers on Thursday due to a significant jump in the United Kingdom (UK) government’s borrowing costs.
While the broader cryptocurrency market faced a pullback amid expectations of slower interest rate cuts by the Federal Reserve, XRP defied the trend, surging nearly 3% on Thursday, January 9.
Related Instrument
