On Saturday, September 14th 2019, at 0331 and 0342 local time, two loud explosions rocked the Kurais oil filed and the Abqaiq processing facility. Saudi Aramco, the kingdom’s crown jewel who is currently preparing an initial public offering in order to raise capital for Saudi Arabia to diversify its economy away from oil, owns both facilities. The fires took hours to extinguish and the explosions left both oil facilities with heavy damage which took 5.7 million barrels of supply off the market.

US President Trump delivered fresh sanctions against Iran after the downing of a US spy drone. In an effort to annoy Iran, the sanctions include Iranian Supreme Leader Ayatollah Ali Khamenei as well as eight senior military commanders. Iranian Foreign Minister Javad Zarif will be sanction later this week.

With many equity markets at or near all-time highs and bond markets in rally mode of their own, a growing risk which could derail the overall bullishness across asset classes has emerged. The price of oil has largely been ignores by many analysts, economists and traders which has created a dangerous scenario. Oil is used in a wide range of industrial applications and used to be a gauge for the health of the global economy.

The price of Brent on Friday reached the peaks of 2019 above $ 65 per barrel due to the reduction in production by the OPEC + pact members and the partial closure of the largest offshore field in Saudi Arabia. By this morning, futures for Brent oil added 0.25 percent to $ 64.73 after rising to $ 65.10 earlier in the course of trading. The price of Brent is kept near the three-month peak and increased by 4.5 percent since the beginning of the week. Futures for the American WTI added 0.20 percent to $ 54.52.

Forex market is the largest market in the world in which operations on the purchase and sale of foreign currencies take place. Every day in this market, the characteristics of sales volume reach 5 trillion dollars. The difference between the Forex market and other markets is that it does not have a physical location and the main exchange. Its activity takes place through a network of banking institutions, companies, and individual traders who are provided with services by one or another international broker of the Forex market. Forex Forecasting

Qatar, which has been a member of OPEC for almost 60 years, left the organization on January 1. The market calmly reacted to this event, and experts believe that there is a significant likelihood that Qatar will be followed by other countries. One of the main arguments for quitting the oil cartel was the embargo on trade and travel to the country by neighboring Arab states.

The US Dollar has enjoyed a very strong 2018 despite a series of headwinds and surprised many forex traders. Everything appeared to work just fine for US Dollar bulls, until it doesn’t anymore. As 2018 is slowly winding down, those headwinds are blowing harder and the ultimate price may be paid by the US Dollar. The interest rate increases by the FOMC of the US Fed have added to the bullish sentiment, but are also inserting bearish pressures into the US Dollar environment. The FOMC is set to increase rates three to four times in 2019 and this has created a double edged sword.

With Oil's stature as a high-demand global commodity comes the possibility that major fluctuations in price can have a significant economic impact. The price of crude Oil depends on many factors that influence it individually or have a reciprocal effect. These factors vary in relevance and their importance can quickly change.

Predicting the next move in the markets is the key to making money in trading, but putting this simple concept into action is much harder than it sounds. Currencies are moved by many factors - supply and demand, politics, interest rates, economic growth etc.

Oil prices rose on Monday as a weaker dollar and the delay of new Libyan oil exports boosted benchmarks, amid expectations of tighter crude supply going into 2017. Brent crude futures traded at $55.47 per barrel, up 26 cents from their last close. Analysts said the increases, which built on gains of around 2 percent on Friday, were driven by a delay in crude oil supplies from Libya.

Oil prices shot up 12 percent, smashing trading volume records, after OPEC and Russia cut a deal to reduce output to drain a global supply glut, but analysts warned they could remain modest by historical comparison as other producers fill the gap.

Success in the foreign exchange market can only be attained if one is to take into consideration all the forces that influence the behavior of the currency market. As such, every forex traders should take heed of oil and its immense influence over the foreign exchange market as a whole.

The Organization of Petroleum Exporting Countries (OPEC) will not cut production, even if oil prices fall to $ 20 a barrel, said in an interview with Middle East Economic Survey Saudi Oil minister Ali Al-Naimi.

Oil prices go a little bit down while the United States is considering the possibility of air strikes on armed Islamist groups in Iraq.