• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

Oil reaches a 7-month high as wildfires returns, higher US CPI raises concerns of a rate hike

by onlinecitizen
18/05/2016
in Finance
Reading Time: 2 mins read
0

Image from shutterstock

By Margaret Yang, CMC Markets
Equities – Is “sell in May over”?  Or is this just a short break before we embrace the “Great Singapore Sales” (GSS) which usually falls in June? The Singapore market led an Asian rebound on Tuesday. The Straits Times Index advanced 46 points, or 1.7%.
The Strong momentum of Thai Beverage and a rally in oil & gas names outweighed the disappointing April export data and weak earnings. Sembcorp Marine, one of the largest offshore and marine players in Aisa, rallied 8.25%. Keppel Corp and SembCorp Industries also rallied over 5%.  The banking and financial sector caught up during afternoon hours, with OCBC and UOB bank closing 2% higher. Other resources companies like Noble Group and Wilmar were also lifted by favourable sentiments. One of the few names that lagged behind included Singapore Airlines, due to higher fuel prices.
The US market closed down 1% on Tuesday, as a higher than expected CPI reading (0.4%) raised a new round of concerns on a rate hike. The sell down hit all sectors except energy, due to higher oil prices.
FX – The dollar index was little changed at 94.50 this morning. USD/JPY wobbled around 108.90. Immediate support and resistance levels for USD/JPY remain at 107.00 and 110.00 respectively. USD/SGD advanced to 1.3720 as Singapore’s April non-oil exports shrank by 7.9% y-o-y. EUR/USD retraced to the 1.1310 area.  CHF/GBP slid to 0.7060 from 0.7100 a day ago. The Immediate support and resistance are at 0.7040 and 0.7200 respectively.
Commodities – Crude oil advanced further as Canada plans to resume production after being delayed as wildfires threatened operations again. WTI crude oil futures closed at $48.50 last night – a fresh 7-month high. Recently, a drop in US inventories and a reduced number of oil drilling rig counts has led markets to speculate that the supply-demand balance will probably be reached sooner than expected. Traders will be watching tonight’s US weekly DoE oil inventory data to find a clue of where the oil price might head to.
The price of gold is little changed at $1,279 this morning. The near-term resistance remains at $1,286, which is also the 61.8% Fibonacci level. A key support level can be found near to its 50-SMA, which is currently pointing toward the $1,251 area. Silver is trading around $17.25 this morning. The near-term support and resistance levels are $16.75 and $17.66 respectively.
Crude Oil West Texas Jun 2016
market_18052016
Key technical levels to watch:

  • Testing the upper limit of the up-trend channel
  • 72% RSI suggests overbought
  • MACD  formed potential negative divergence

Margaret Yang Yan, CFA, is a market analyst for CMC Markets Singapore.

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.

Related Posts

Level of unemployment in Indonesia shows failure in the Job Creation Law, says KSPI
Indonesia

Level of unemployment in Indonesia shows failure in the Job Creation Law, says KSPI

02/02/2023
Commentaries

The Keppel bribery scandal tests Singapore’s zero-tolerance policy towards corruption

02/02/2023
Singapore Law Watch removes commentary on CPIB’s decision to not prosecute former Keppel executives
Singapore

Singapore Law Watch removes commentary on CPIB’s decision to not prosecute former Keppel executives

02/02/2023
US businesses ‘fear internet curbs in Hong Kong’
AFP

Hong Kong offers free flights after COVID isolation

02/02/2023
Why is Gautam Adani’s Indian empire in turmoil?
AFP

Why is Gautam Adani’s Indian empire in turmoil?

02/02/2023
India’s Adani shares plunge again after stock sale cancelled
AFP

India’s Adani empire loses more than US$100 bn after fraud claims

02/02/2023
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
0 Comments
Inline Feedbacks
View all comments

Latest posts

Level of unemployment in Indonesia shows failure in the Job Creation Law, says KSPI

Level of unemployment in Indonesia shows failure in the Job Creation Law, says KSPI

02/02/2023

The Keppel bribery scandal tests Singapore’s zero-tolerance policy towards corruption

02/02/2023
Singapore Law Watch removes commentary on CPIB’s decision to not prosecute former Keppel executives

Singapore Law Watch removes commentary on CPIB’s decision to not prosecute former Keppel executives

02/02/2023
US businesses ‘fear internet curbs in Hong Kong’

Hong Kong offers free flights after COVID isolation

02/02/2023
Why is Gautam Adani’s Indian empire in turmoil?

Why is Gautam Adani’s Indian empire in turmoil?

02/02/2023
India’s Adani shares plunge again after stock sale cancelled

India’s Adani empire loses more than US$100 bn after fraud claims

02/02/2023
Former political prisoners calls for abolishment of ISA and apology from PAP Govt on 60th anniversary of Operation Coldstore

Former political prisoners calls for abolishment of ISA and apology from PAP Govt on 60th anniversary of Operation Coldstore

02/02/2023
Indian state picks new capital after kicking out Singapore consortium

Indian state picks new capital after kicking out Singapore consortium

02/02/2023

Trending posts

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

by Yee Loon
30/01/2023
25

...

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

by Yee Loon
26/01/2023
24

...

They have done a fine job of confusing us about the jobs situation

They have done a fine job of confusing us about the jobs situation

by Augustine Low
01/02/2023
33

...

Two Indian nationals paid about S$330 and S$730 respectively for forged certificates submitted in their S-Pass application

MOM found issuing EPs meant for foreign PMETs to PRC waitress and general worker

by Correspondent
26/01/2023
41

...

Singapore warns slower economic growth in 2023

Less than 1 in 10 jobs created in first three quarters of 2022 went to Singaporeans?

by Leong Szehian
28/01/2023
69

...

Excessively charging for an essential need, and calling it affordable because people still can pay for it?

by Terry Xu
31/01/2023
39

...

May 2016
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
« Apr   Jun »

The Online Citizen is a regional online publication based in Taiwan and formerly Singapore’s longest-running independent online media platform.

Navigation

  • Editorial
  • Commentaries
  • Opinion
  • Politics
  • Community

Support

  • Contact Us
  • Letter submission
  • Membership subscription

Follow Us

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Fact Checking Policy
  • Privacy Policy

© 2022 - 2023 The Online Citizen Asia

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2022 - 2023 The Online Citizen Asia

wpDiscuz