Following co-announcement between Saudi and Russia about extension of oil production cut, oil price completed its second week of rally. Looking backwards, strong resistance should be faced around 53~ 54. Trader could position on potential correction on oil price by using Inverse Oil ETF: SCO (listed in US). Next week we will see meeting among OPEC and non OPEC about oil production of next half year. Last FOMC meeting minutes will be disclosed on coming week also. Rising interest rate might dampen commodity prices.
Market Calendar on coming week:
(SG: Singapore; CH: China; UK: United Kingdom; US: USA; JP: Japan)
No comments:
Post a Comment