CRUDE OIL OUTLOOK: BULLISHCrude oil prices could rise on Fed Chairman Jerome Powell’s congressional testimonies US-China tariff d
CRUDE OIL OUTLOOK: BULLISH
- Crude oil prices could rise on Fed Chairman Jerome Powell’s congressional testimonies
- US-China tariff discount could amplify good points, however coronavirus affect could cap progress
- Easing or intensified US-Iran tensions at Munich Safety Convention could rattle Brent
POWELL TESTIMONY MAY BOOST CRUDE OIL
Crude oil costs could rise after Federal Reserve Chairman Jerome Powell delivers two of his semimanual testimonies to Congress. The primary will likely be on Tuesday, February 11 the place he’ll discuss financial coverage to the Home Monetary Companies Committee, and the second will likely be on February 12 in entrance of the Senate Banking Committee.
Each of those occasions will likely be carefully scrutinized as merchants gauge the various levels of confidence Mr. Powell expresses in his views on the energy of the US economic system. He’ll possible cite muted geopolitical dangers as a tailwind to the outlook with references to the commerce truce between the US and China and diminished issues of a no-deal Brexit. On this regard, he could then give a brightened outlook on progress and increase Brent.
Beneath these circumstances, chipper commentary might also deflate what are already-swollen Fed fee lower bets if the Chairman believes financial situations don’t warrant additional stimulus. Nevertheless, Mr. Powell could increase concern about monetary stability in gentle of the…