Strongest weekly growth of crude oil since December

Noam Stiekema

The WTI crude oil continues to grew against the tensions in Ukraine. Last week the price of the raw materials rose to nearly 5-week high, as the optimistic data from USA supported the trends. The crude oil futures with May delivery closed the Friday trading session at level of 103.40 USD per barrel. During late […]

Crude oil trends MarchThe WTI crude oil continues to grew against the tensions in Ukraine. Last week the price of the raw materials rose to nearly 5-week high, as the optimistic data from USA supported the trends. The crude oil futures with May delivery closed the Friday trading session at level of 103.40 USD per barrel. During late Asian trade on Monday the asset rose with 0.5% to 104.27 USD.

The New York traded contracts finished the previous week with growth of 2.59%, which is the biggest weekly growth since December 2013. The crude oil rose after the producer prices in USA reported a 0.5% increase in March 2014. The increase was the largest in the last nine months. The market participants had expected a modest expansion of 0.1%.

A separate report showed that the consumer confidence index rose to 82.6 points this month, which is the highest level since July. However, the International Energy Agency (IEA) decreased its forecast for the global oil demand this year. According to the organization, the sanctions for Russia after the annexation of the Crimea could weigh on demand.

The crude oil prices continue to be supported by the declining gasoline stocks in USA. Last week the Energy Information Administration said that the total gasoline inventories have declined by 5.18 million barrels in the week ended April 4th.

Meanwhile the futures of the Brent crude oil also closed trade in London without substantial changes at level of 107.40 USD per barrel. For the week, the crude oil rose with 1.34%.

Read this next

Digital Assets

Luxembourg’s regulator warns on false regulation of Crypto Capital Profits

The regulator of Luxembourg’s financial markets, the Commission de Surveillance du Secteur Financier (CSSF), has warned that a firm claiming to be authorized under the name Crypto Capital Profits is in fact not licensed to carry out business from within its jurisdiction.

Institutional FX

FINRA fines Wedbush $900K over reporting violations

The Financial Industry Regulatory Authority continues to take disciplinary actions against financial services firms for providing inaccurate securities trading information.

Digital Assets

Bitkub investigated by Thai regulator in ‘wash trading’ case

Thailand’s Securities and Exchange Commission has targeted Bitkub over allegations of inaccurate reporting and wash trading on its cryptocurrency platform.

Crypto Insider

Crypto.com secures approval to launch its services in France

Crypto.com has registered its cryptocurrency services with the dual regulatory structure in France, which includes the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

Inside View

How to offer iOS compliant trading apps? Editorial by Chris Rowe

Webtraders are becoming increasingly important for FX and CFD brokers as more and more of their clients are trading using their mobiles. 

Institutional FX

SpiderRock deploys Eventus trade surveillance for futures and options offering

“As we have begun to provide direct market access as a routing broker and grown in our futures offering, which is subject to a different regulator, we wanted to make sure we chose a trade surveillance platform that has all the tools that we need, a format we can review easily, and capabilities to demonstrate to regulators that we have the proper trade surveillance procedures in place. Validus checks all the boxes for us.”

Industry News

Space and Time raises $20 million to grow its decentralized data warehouse

“We look forward to seeing the ways in which Space and Time will allow the business logic in centralized systems to be automated and connected directly to smart contracts.”

Digital Assets

Mastercard, hi app partner to issue cards with NFT avatars

In partnership with Mastercard, crypto and fiat financial app hi is launching what it calls “the world’s first debit card featuring NFT avatar customization.”

Digital Assets

Wirex to support government of Uzbekistan to adopt blockchain

“We’re excited to work alongside the Uzbekistan Direct Investment Fund in order to help the sector thrive, enrich the financial ecosystem there and set a benchmark for other countries, and ultimately expand.”

<