{"id":11462,"date":"2021-07-07T18:08:00","date_gmt":"2021-07-07T17:08:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=11462"},"modified":"2021-07-07T20:23:43","modified_gmt":"2021-07-07T19:23:43","slug":"opec-impasse-is-causing-oil-to-drop-us-markets-bid-ahead-of-fomc-minutes","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/opec-impasse-is-causing-oil-to-drop-us-markets-bid-ahead-of-fomc-minutes\/","title":{"rendered":"OPEC+ impasse is causing Oil to drop, US markets bid ahead of FOMC minutes"},"content":{"rendered":"\t\t
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Market Wrap<\/strong><\/p>

Oil<\/a> dips for the second day but the price action unwinds two weeks of gains. Before the start of the US session the newswires came a live to a Wall Street Journal story which ran the headline \u201cU.A.E. Pushes to produce more crude, creating OPEC deadlock.\u201d<\/p>

U.A.E. officials said, \u201cThis is the time to maximize the value of the country\u2019s hydrocarbon resources, while they have value,\u201d said a person briefed on the U.A.E.\u2019s strategy. \u201cThe aim of the investment is to generate revenue for the diversification of the economy, both for investment in new energy and, as importantly, in new revenue streams.\u201d<\/p>

OPEC\u2019s de facto lead producer Saudi Arabia wants output raised in stages by a total of two million barrels per day (bpd) between August and December 2021. Saudi Arabia are also pushing to extend remaining OPEC+ cuts until the end of 2022, instead of letting them expire as planned in April. The extensions into 2022 are a red line for the UAE, everything else they could accommodate.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Saudi Arabia may be right to hold off from letting the UAE increase output as that would lead to other producers wanting to increase their market share. Today\u2019s EIA report cut world oil demand forecast for 2021 by 80k barrels per day.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The next big news that the markets are waiting on is the FOMC meeting minutes. Today\u2019s action in the TLT<\/a> show the market is pricing in lower yields as the US benchmark bonds rallied 0.35%.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The US dollar index<\/a> is up today on good JOLTS job opening data, though the Economic Optimism survey came in under expectations. The appreciation in US dollar prices has been good for the USDCAD<\/a> along with the falling Oil prices. Canadian Ivey PMI (SA) for June came in much better than expected at 71.9 versus the previous 64.7 but the Canadian dollar was unable to move on that data.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Traders on the ActivTrader platform are bullish the USDCAD pair by 65% to 35% bearish. The daily 200 ema is just above the day\u2019s highs and the Cup and Handle technical pattern is still in play. Considering the US dollar index has broken above the trend line that had acted as a bit of resistance a move to the April swing high is more probable now, so further upside in the USDCAD is my current idea. If there is more uncertainty within the oil markets, we could see the USDCAD accelerate higher.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Market Wrap Oil dips for the second day but the price action unwinds two weeks of gains. Before the start of the US session the newswires came a live to a Wall Street Journal story which ran the headline \u201cU.A.E. Pushes to produce more crude, creating OPEC deadlock.\u201d U.A.E. officials said, \u201cThis is the time […]<\/p>\n","protected":false},"author":5,"featured_media":11463,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,7],"tags":[64,69,106,40,31],"yoast_head":"\nOPEC+ impasse is causing Oil to drop, US markets bid ahead of FOMC minutes - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/opec-impasse-is-causing-oil-to-drop-us-markets-bid-ahead-of-fomc-minutes\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPEC+ impasse is causing Oil to drop, US markets bid ahead of FOMC minutes\" \/>\n<meta property=\"og:description\" content=\"Market Wrap Oil dips for the second day but the price action unwinds two weeks of gains. Before the start of the US session the newswires came a live to a Wall Street Journal story which ran the headline \u201cU.A.E. Pushes to produce more crude, creating OPEC deadlock.\u201d U.A.E. officials said, \u201cThis is the time […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/opec-impasse-is-causing-oil-to-drop-us-markets-bid-ahead-of-fomc-minutes\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-07T17:08:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-07T19:23:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/07\/GettyImages-1128828442.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"553\" \/>\n\t<meta property=\"og:image:height\" content=\"302\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Neville Hornsey\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Neville Hornsey\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/opec-impasse-is-causing-oil-to-drop-us-markets-bid-ahead-of-fomc-minutes\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/opec-impasse-is-causing-oil-to-drop-us-markets-bid-ahead-of-fomc-minutes\/\"},\"author\":{\"name\":\"Neville Hornsey\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/95b20558021997bd74f4db43fabddf85\"},\"headline\":\"OPEC+ impasse is causing Oil to drop, US markets bid ahead of FOMC minutes\",\"datePublished\":\"2021-07-07T17:08:00+00:00\",\"dateModified\":\"2021-07-07T19:23:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/youtrading.com\/en\/opec-impasse-is-causing-oil-to-drop-us-markets-bid-ahead-of-fomc-minutes\/\"},\"wordCount\":453,\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"keywords\":[\"Crude oil\",\"FOMC\",\"OPEC+\",\"US DOLLAR INDEX\",\"USDCAD\"],\"articleSection\":[\"Commodities\",\"World\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/youtrading.com\/en\/opec-impasse-is-causing-oil-to-drop-us-markets-bid-ahead-of-fomc-minutes\/\",\"url\":\"https:\/\/youtrading.com\/en\/opec-impasse-is-causing-oil-to-drop-us-markets-bid-ahead-of-fomc-minutes\/\",\"name\":\"OPEC+ impasse is causing Oil to drop, US markets bid ahead of FOMC minutes - 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Before the start of the US session the newswires came a live to a Wall Street Journal story which ran the headline \u201cU.A.E. 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