WTI crude oil fell through the majority of the session on Wednesday, but as we can see, he formed a hammer other centers at the level of 90.00 $. That’s why I feel that this market is about to rebound, and it is certainly expected sometime in the coming sessions. Of course, there are many cross-currents that move at the same time, and therefore there are a lot of reasons that lead us to think that this could happen.
With a lot of central bank meetings and announcement during the next 24 hours, there is a large probability that the major commodities begin to achieve profits again as central banks try to do your best from each other with regard to the killing of their own currencies. Japan’s central bank is the first, and will be very interesting to see what they are doing in order to cut the value of the yen further. After that, we have a meeting of the European Central Bank and the Bank of England, where both will make efforts to reduce the values of their currencies as well. With this, the probability is less that Europe be severe in this matter, and therefore this matter gives the kind of support that currency when taking all factors into consideration.
If what has been the devaluation of the U.S. dollar in the coming sessions, it is possible to see rises in the price of oil. For me, I think that the most likely scenario for this to happen it will be strong numbers in the jobs report released on Friday. The reason is that often the market expectation of economic growth around the world, as a result of improved conditions in the United States. With that kind of thinking, it’s just time before the market begins by asking whether the demand for crude oil will improve is the other.