Brent crude, produced from oil fields in the North Sea and traded on the UKOIL exchange, is widely used as the global benchmark for oil prices. Approximately two-thirds of all oil futures traded are based on Brent crude, making it an ideal asset for Forex traders to pair with the US Dollar or the Euro.
Is UKOIL/USD bullish or bearish?
UKOIL/USD trading pair is trading in the descending channel. The market is experiencing sharp and shallow bearish moves. Despite the price testing the psychological and resistance level, the price could record a downtrend in the nearing days. However, the long-term outlook seems promising for the bulls.
Is UKOIL getting stronger against USD?
The rise in UKOIL exports has led to a decrease in imports, thus mitigating the impact of higher oil prices on the U.K. trade deficit. Consequently, the inverse relationship between oil prices and the Euro, which is traditionally quite strong, is becoming less reliable.
What Affects UKOIL?
The price of UKOIL/USD can be affected by a variety of factors such as supply and demand, economic indicators, geopolitical events, and natural disasters. Noteworthy is the influence of OPEC's (Organization of the Petroleum Exporting Countries), Oil Production news as well as technological innovations such as Hydraulic Fracturing (fracking) and seasonal demand on crude oil prices throughout history.
Louis Schoeman serves as the Lead economic analyst for the African Region, with an MBA Louis possesses strong understanding of Makro and political sphere affecting the African economy as a whole. His incisive analyses, particularly within the realms of the Shares and Indices in Africa , are showcased across esteemed financial publications such as SA Shares, Investing.com, Entrepreneur.com and MarketWatch to name a few.
Indicator Alert
Warning: Several indicator values are missing for this timeframe. Please choose another timeframe to continue.