The US Labor Department will report on factory-gate prices at 08:30 GMT. What will impact Crude oil moves? Let find out with this 12 October Crude Oil Fundamental Analysis from OctaFX.
12 October, OctaFX – The producer price index (PPI) is expected to rise 2.5% annually in September, up from 2.4% the previous month. Core PPI likely rose 2% year-over-year, according to forecasts.
Bank of England (BOE) Monetary Policy Committee member Andrew Haldane will kick off the central bank commentary at 13:00 GMT. Haldane has emerged as one of the BOE’s more hawkish members.
Later in the day, European Central Bank (ECB) President Mario Draghi and Executive Board Member Peter Praet will also deliver speeches.
Federal Reserve bankers Jerome Powell and Lael Brainard are also due to speak.
12 October Crude Oil Fundamental Analysis
Oil prices are riding high this week on signs of improving demand. US crude prices rose sharply above $51.00 a barrel on Wednesday. Prices pulled back through the overnight trade to settle in the low $51.00 range.
The latest rally in oil prices formed a double-top. A failure to extend the gains north of $51.40 may trigger another short-term pullback in the market. That being said, the bulls are finally gaining traction.
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