(+) Daily Analysis: Oil Surges on OPEC-Deal Extension as Ripple Tests Highs

Monday Market Recap


Stock markets shrugged off one of the biggest hacker attacks in history as a non-event, despite the broad coverage by the media, as the main global benchmarks opened the week virtually unchanged, with some notable weakness in Europe. Saudi Arabia and Russia provided the news of the day so far, as the two energy ministers announced a 9-month extension of the OPEC’s crude oil production cut, causing an almost 4% rally in oil futures. The deal helped the battered energy segment and commodity-related currencies as well, while the US Dollar got under pressure following the announcement.

WTI Crude Oil Futures, 4-Hour Chart Analysis

Meanwhile, the Chinese market remained stable, despite the weak industrial production data, helping the rally in commodities and related assets. The Euro, the Pound, and the Swiss Franc are all up compared to the USD; while the Yen is drifting lower thanks to the surprisingly positive sentiment. The weak US-ES Manufacturing Index also weighs on the USD, as the economic numbers continue to disappoint across the board. Gold is showing strength once again, as it decoupled from

Read more ... source: CryptoCoinsNews

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