Brent oil retreats from 16-month high

Omkar Godbole FXStreet Contributor

Brent oil backed off from the 16-month high of $54.50 clocked yesterday in a move which appears to be largely chart driven.

At the time of writing, Brent oil was trading around $43.65/barrel. Wednesday’s 9% rally was followed by a 4% surge yesterday.

Across the pond, WTI oil was down at $50.90 levels.

Will the OPEC stick to its plans?

The question now being raised is whether the OPEC members will play by the rules of the game. The deal also includes Russia, which too needs to play its role to the T.

Whether the OPEC and Russia stick to the plan partly depends on the response from the Shale producers to higher oil prices.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.