Forex Today: WTI Crude Oil Hits $75

Adam Lemon

Market news is dominated today by the rising price of crude oil due to supply issues.

  • After closing at a new multi-month high price Friday, crude oil has continued to rise during the Asian session, with WTI briefly trading at $75. Technical signs suggest that this price rise is likely to continue over the following days, presenting a potential trading opportunity.

  • Silver has recovered a little today but is generally looking weak near its lows. A daily close below $22.25 will suggest it is ready to begin falling to new lows.

  • In the Forex market, the USD has long-term strength, so the best trades this week are likely to be long USD.

  • Major cryptocurrencies have continued their recoveries, after both Bitcoin and Ethereum found support at pivotal levels.

  • Yesterday’s German election saw the governing CDU get its worst result since 1949, as it narrowly lost the popular vote to the Social Democrats. Both major parties are now attempting to form a coalition, so the effective result remains unclear.

  • Last week saw the fifth consecutive weekly fall in global new confirmed coronavirus cases after over 2 months of weekly rises, suggesting the global wave driven by the delta variant has peaked.

  • It is estimated that 44.4% of the world’s population has received at least one dose of a coronavirus vaccination.

  • Total confirmed new coronavirus cases worldwide stand at over 232.6 million with an average case fatality rate of 2.05%.

  • The rate of new coronavirus infections appears to now be increasing most quickly in Barbados, Belarus, Croatia, Egypt, Estonia, South Korea, Laos, Moldova, Romania, Russia, Singapore, Slovakia, and the Ukraine.

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy

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