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Exchange Rates 11.10.2019 analysis

Oil continues to grow amid widening risks of supply disruption in the Middle East and the weakness of the dollar. Optimism regarding negotiations between the US and China, in turn, is also supported by black gold. Moreover, futures for the supply of oil WTI caught a new wave of supply and reached their highest levels in eight days - $ 54.73 per barrel on fears of supply disruptions after news of a terrorist attack on an Iranian tanker in the port of Jeddah City, Saudi Arabia. Iranian media reported that the explosion was caused by rockets that inflicted severe damage to the ship. Nevertheless, the oil spill is under control. The Iranian National Oil Company (NOC) in a statement confirmed that two missiles hit the Iranian oil tanker Sinopa.

A sufficiently large number of factors speak in favor of rising oil prices. Geopolitical tensions, unrest in Iraq and Ecuador, the aggravation of the Turkish-Syrian conflict - all this aggravates the situation in the Middle East and threatens to disrupt supplies. In addition, the optimistic comments of the US president in anticipation of his meeting with the Chinese Deputy Prime Minister reinforce the chances of further growth in the value of WTI. Due to this, trade optimism improved market sentiment and reduced appetite for the dollar, which in turn has a positive effect on oil, which is also denominated in dollars. Therefore, we are expecting another rise from oil.

Performed by Igor Belozerov,
Analytical expert
InstaForex Group © 2007-2019
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