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On July 6, Musk posted on the social platform X, "When and where should we hold the first convention of the American Party? It will be very interesting!" Earlier, due to dissatisfaction with Trumps "Big and Beautiful" bill, Musk announced the establishment of the "American Party" on the 5th, which attracted attention. According to the New York Times, an insider revealed that Musk has discussed plans to establish a new political party with friends in recent days.Saudi Arabia set the official selling price of Arab Light crude oil sold to Asia in August at a premium of $2.20 per barrel over the Oman/Dubai average price.July 6, the Russian Ministry of Defense reported on the 6th that in the past night, the Russian air defense system shot down and intercepted 120 Ukrainian drones, including 30 in Bryansk Oblast, 29 in Kursk Oblast, 18 in Oryol Oblast, and 17 in Belgorod Oblast. The Ukrainian Air Force reported on the 6th that since 20:30 local time on the 5th, the Russian army has launched 4 S-300 air defense missiles and 157 drones at Ukraine. As of 8:30 a.m. local time today (6th), the Ukrainian army has shot down a total of 117 drones through firepower and electronic warfare suppression.On July 6, Hong Kong SAR Government Financial Secretary Paul Chan said on the 6th that Hong Kong stocks rose by 18% last year, and the momentum will continue to improve in 2025. The number of applications for IPOs in Hong Kong is increasing rapidly. The amount of funds raised in the first half of the year exceeded HK$107 billion, an increase of about 22% over the whole of last year, temporarily ranking first in the world. Paul Chan said that in the past period of Hong Kong stocks rise, funds mainly chased technology stocks, driving a significant increase in the trading of derivatives related to technology stocks. "Exchange Traded Products" (ETPs) linked to different types of assets have become a new force in supporting the liquidity of Hong Kong stocks in recent years, effectively playing the role of liquidity buffer when the market fluctuates.July 6, Lloyds Bank of the United Kingdom believes that the minutes of the Federal Reserves June meeting to be released next Wednesday are not expected to change the markets expectation that interest rates will remain unchanged at the July meeting, and interest rate adjustments are more likely to take place in September. The Feds dot plot is still expected to have two rate cuts this year, but there are clear differences among policymakers, ranging from three rate cuts to unchanged.

Crude Oil Price Prediction: The Markets are Still Grinding

Alina Haynes

Jul 21, 2022 11:51

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On Wednesday, the price of West Texas Intermediate Crude Oil first declined before turning around and beginning to rebound. As a result, the market has demonstrated its propensity to keep attempting to go higher, with the 50 Day EMA currently hovering just above the $105 mark. If you are bullish, I believe that is a plausible objective because the uptrend line is located there as well. You would need to pay great attention to it since I believe that will be a very tough place to break above. On the other side, it's likely that we would try to hit the $90 level if we were to break down below the 200 Day EMA once more.

 

Additionally, during the day, Brent markets started off in the red before beginning to show signs of life. Finally, if we are able to break above the 50 Day EMA, there is a chance that an effort to break out to much higher levels, maybe the $113 level or even higher, will be made. Even with everything being equal, this is a scenario that needs a lot of attention.

 

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It's feasible that we might fall to the $100 level if we decline below Tuesday's session lows. The one constant in the oil market is that there will be considerable volatility. In light of this, it is important to pay strict attention to position size because volatility in many markets, including this one, can occasionally spiral out of control.


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