Oil Steadies as Iran Protests Spread

Oil steadied after a second annual increase, supported by concern that protests in Iran could lead to a supply disruption in OPEC’s third-biggest member.Futures were little changed in New York after a 3.3 percent gain last week. The death toll rose during the unrest in Iran as security forces clashed with demonstrators rallying in a rare show of displeasure with the nation’s leaders. The country pumps about 3.8 million barrels a day.Oil in New York climbed 12 percent last year as the Organization of Petroleum Exporting Countries and its allies trimmed supply to reduce a global glut. U.S. crude output is also slipping from a record-high, with weekly production falling through Dec. 22 for the first time since mid-October. Any interruption to Iranian supply would be a significant shock to the market.

Source: Oil Steadies Above $60 as Protests Spread in OPEC Producer Iran – Bloomberg

U.S Dollar starts 2018 at new lows

Iran Protests Lift Oil To Start The Year

Gold Continues To Defy Sceptics

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam