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JOHNNY FOX EXPLAINS OIL MARKET TODAY

GBP/USD 1.24430 17:20 22.02
EUR/USD 1.05615 17:20 22.02
OIL-APR17 (BRENT) 55.815 17:15 22.02
ALIBABA 104.870 17:15 22.02
AUD/USD 0.76832 17:15 22.02
AUD/JPY 87.185 17:15 22.02
SILVER 17.963 17:15 22.02
GOLD/EUR 1167.045 17:15 22.02
OIL-MAR17(WTI CRUDE) 53.980 17:15 22.02
GOLD 1232.476 17:15 22.02
EUR/JPY 119.846 17:15 22.02
USD/JPY 113.478 17:15 22.02
GBP/USD 1.24423 17:10 22.02
EUR/USD 1.05583 17:10 22.02
BitCoin/CNY 7487.500 17:00 22.02
USD/MXN 19.919 17:00 22.02
WELLS FARGO 58.325 17:00 22.02
USD/CHF 1.01100 17:00 22.02
OIL-APR17 (BRENT) 55.725 17:00 22.02
TOYOTA (US) 114.275 17:00 22.02
SONY 31.285 17:00 22.02
COLGATE-PALMOLIVE 73.035 17:00 22.02
FIAT CHRYSLER 11.35 17:00 22.02
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Crude oil futures edged lower today, as investors looked ahead to the release of key U.S. economic data coming out later in the day to help assess the timing for a reduction in the Federal Reserve’s bond purchasing program. While October’s highly-anticipated non-farm payrolls report is scheduled for release tomorrow, leading many binary traders to set up longer expiry.

Oil traders are also awaiting the outcome of the ECB’s policy meeting later today. While no policy change is expected from the central bank, many investors expected the ECB to signal the possibility of further monetary policy easing at its meeting in December.

 

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at $94.70 a barrel during European morning trade, down 0.1%. New York-traded oil futures traded in a range between $94.55 a barrel, the daily low and a session high of $95.00 a barrel. The December contract rose to $95.40 a barrel on Wednesday, the highest since November 1, before settling at $94.80 a barrel, up 1.53%. Oil futures are likely to find support at $93.11 a barrel, the low from November 5 and resistance at $96.64 a barrel, the high from November 1.

 

Wednesday’s gains came after a government report showed that U.S. oil supplies rose less-than-expected last week, while gasoline inventories fell sharply. The U.S. Energy Information Administration said that crude oil inventories rose by 1.57 million barrels last week, compared to expectations for an increase of 1.63 million barrels. Total U.S. crude oil inventories stood at 385.4 million barrels, the highest since June. The report also showed that total motor gasoline inventories declined by 3.8 million barrels, compared to expectations for a drop of 338,000 barrels.

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
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