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Oil Rally Loses Steam as Hopes Fade for Timely U.S. Stimulus By Bloomberg

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© Reuters. Oil Rally Loses Steam as Hopes Fade for Timely U.S. Stimulus

(Bloomberg) — Oil nudged lower in Asia, holding close to $40 a barrel, as dimming prospects for another round of U.S. fiscal stimulus before November’s election eroded upward momentum.

Futures in New York eased 0.3%, after rebounding 2% on Tuesday. U.S. stocks settled lower after House Speaker Nancy Pelosi rejected a proposal from Senate Republican leader Mitch McConnell for a smaller-scale approach to new stimulus and demanded a revamped offer from the White House. A stronger U.S. dollar also diminished the appeal of commodities priced in the currency.

Earlier, crude had recovered from Monday’s losses after data showed Chinese imports climbed 2.1% month-on-month in September, signaling improving demand in Asia’s biggest economy.

Crude futures in New York have traded in a narrow range this month. Countries across Europe widened curbs to try to regain a grip on the coronavirus pandemic, while the International Monetary Fund warned that the world economy still faces an uneven recovery until the virus is tamed. Oil demand will take years to recover and will peak at a lower level, the International Energy Agency said Tuesday. After an unprecedented 8% drop this year, global oil consumption will return to pre-crisis levels in 2023, the agency said.

The Organization of Petroleum Exporting Countries downgraded supply forecasts as its rival producers in the U.S. weather the impact of low prices. The producer group and its allies are due to hold a monitoring meeting on Monday to consider whether unprecedented output cuts they’ve made this year are managing to keep the global market in balance.

OPEC+ producers are still planning to ease outpt cuts by 2 million barrels a day in January, United Arab Emirates Energy Minister Suhail Al Mazrouei said at the Energy Intelligence Forum.

Meanwhile, refining margins continue to deteriorate, boding poorly for oil prices as it becomes less profitable for refineries to process crude. The combined refining margin for gasoline and diesel fell toward $9 a barrel on Tuesday, and is at its lowest for this time of year since 2009. In Europe, fuel production at Galp Energia’s refinery has been suspended since Oct. 10, as market conditions forced the company to carry out a planned operational adjustment of its refining system.

©2020 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Commodities

How High Are Copper Prices Going ? – Growing Your Money

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How High Are Copper Prices Going ?

Copper Futures—Copper futures in the December contract is trading higher for the 3rd consecutive session up another 465 points at 3.1955 a pound hitting a 2 ½ year high continuing its bullish momentum as this trend is strong to the upside.

Copper prices are trading far above their 20 and 100 day moving average as this trend continues to accelerate on a weekly basis as the housing market in the United States is extremely strong therefore demand for copper at the present time remains high as I still do not believe a top has been formed.

At the current time I’m not involved, however I do believe the entire precious metal sector is headed higher as I am keeping a close eye on gold and silver as I see no reason to be short copper and if you are long a futures contract continue to place the stop loss under the 10-day low which stands at the 3.03 level as an exit strategy.

The next major level of resistance is between the 3.30 / 3.50 level as there is still room to run to the upside as the volatility could even increase exponentially as historically speaking copper can have crazy price swings on a daily basis.

TREND:HIGHER

CHART STRUCTURE: POOR

VOLATILITY: HIGH

 

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com 

 

TWITTER—@seeryfutures 

 

 Email: mseery@seeryfutures.com

If you’re looking to open a Trading Account click on this link www.admis.com 

 

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.

 



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Oil Stockpiles Fell by 1 Million Barrels: EIA By Investing.com

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© Reuters.

investing.com — Oil stockpiles declined roughly in line with expectations last week,  according to the Energy Information Administration.

fell 1 million barrels, against expectations for a draw of 1.02 million barrels. That comes a week after crude stocks fell 3.8 million barrels.

Inventory has fallen in all but one of the last six weeks as the economy tries to come back to life after Covid-related shut downs earlier this year. 

, the U.S. benchmark, fell 2% in morning trading ahead of the data release. 

Crude oil stored at , Oklahoma, increased 975,000 barrels compared to an expected build of 1.1 million barrels.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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EU countries back binding green farming schemes By Reuters

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4/4
© Reuters. FILE PHOTO: A farmer irrigates his field of potatoes during sunset, in Tilloy-Lez-Cambrai

2/4

By Kate Abnett

BRUSSELS (Reuters) – European Union agriculture ministers agreed on Wednesday to set aside part of the bloc’s massive farming policy budget for programmes that protect the environment.

The EU is nearing the end of a two-year struggle to overhaul its agriculture policy, to attempt to align it with the bloc’s climate change commitments, while supporting farmers’ livelihoods.

The agriculture policy as a whole will suck up roughly a third of the EU’s 1.1 trillion euro ($1.30 trillion) budget for 2021-202, to be split between direct payments to farmers and other support for rural development.

Ministers agreed that 20% of the payments to farmers will be earmarked for green schemes such as organic farming or agroforestry. Farmers will not be able to access the cash for other purposes.

The policy kicks in from 2023 and ministers agreed a two-year pilot phase for the green schemes, meaning they would become binding from 2025. Some countries had raised concerns that tying cash to environmental aims would mean the money was left unspent.

“We can’t simply leave it up to member states to decide whether or not eco-schemes are used and, if so, what money will be made available,” said German agriculture minister Julia Kloeckner, who chaired the meeting.

With agricultural sites comprising 40% of all EU land, farming has a large influence over the health of Europe’s natural habitats.

Agriculture is the most frequently reported threat to nature in Europe, amid intensive farming techniques including pesticides and irrigation, the EU environment agency said on Monday.

Campaigners said the 20% share for green schemes was too low.

“Agriculture ministers are largely perpetuating a farm policy which will throw taxpayers’ money at polluting, industrialised agriculture until at least 2027,” said WWF senior policy officer Jabier Ruiz.

The farming policy negotiations do not end with Wednesday’s deal. EU countries must now strike an agreement with the European Parliament and the European Commission on the rules. Parliament is voting on the policy throughout this week.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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