Oil fell for a fourth day as a deal on more U.S. stimulus remained elusive, while OPEC and its allies showed no sign of changing course on plans to ease output cuts in January.

Futures in New York fell as much as 0.5%, after dropping 0.1% on Monday. Opposition to a sizable relief package hardened in the Republican-controlled Senate even as House Speaker Nancy Pelosi said negotiators were still trying to reach a deal.

Rebound ekonomi AS kehilangan tenaga menjelang pemilihan 3 November di tengah peningkatan baru kasus virus korona, sementara pejabat Federal Reserve memperingatkan bahwa pertumbuhan akan melambat tanpa tambahan pengeluaran federal.

The OPEC+ Joint Ministerial Monitoring Committee meeting on Monday did not discuss plans for further output cuts from January. However, Saudi Oil Minister Prince Abdulaziz Bin Salman called on the alliance to be proactive in the face of uncertain demand, and Russian Energy Minister Alexander Novak said there was agreement to continue implementing the agreed output curbs in full.

The oil ministers met against a backdrop of uneven demand for oil. For months now, the recovery in consumption has been driven largely by China, whose economic expansion showed signs of broadening in September. But other countries are still trying to emerge from their slumps, with fresh Covid-19 outbreaks in Europe and the U.S. weighing on energy use.

If market uncertainty persists into next month, OPEC+ may decide to restore supply by less than the planned 1.9 million barrels per day in January, Citigroup Inc. analyst Ed Morse said in a report.

Meanwhile, Morningstar’s Sandy Fielden said global and U.S. crude benchmarks could fall back to the $30-a-barrel range if the economic recovery remains slow and producers don’t cut output.

ConocoPhillips’ takeover of Concho Resources Inc. isn’t just shaking up the U.S. shale industry — it could have long-term implications for global oil markets and crude prices. Conoco said Monday it would review its hedging strategy after closing the $9.7 billion deal.

Economic data to be released and market news today:

  1. The market's diminishing hopes for the possibility of reaching a stimulus aid agreement by the US Senate again supported buying interest in the US dollar last night.
  2. News that the European Union will try to take new steps has helped support hopes of further Brexit talks with the UK.
  3. Reserve Bank of Australia Assistant Governor Christopher Kent said he was open to easing interest rates below zero, but the RBA would not do so until it was necessary.
  4. EURUSD has the potential to move on German PPI data at 13:00 WIB and the Eurozone Current Account report at 15:00 WIB later.
  5. CB Leading Index reports for China and Australia are scheduled to be released at 20:00 WIB and 21:30 WIB respectively, both data have the potential to be a driver for AUDUSD.
  6. US housing data at 19:30 WIB could be a driver for the US dollar tonight, in addition to speeches from 2 Fed officials.

Daily Pick

Today's prediction is that the AU pair (AUDUSD) is expected to decline, and the recommended OP is SELL at level 0.70350 with a profit target of 10 - 20 points and a stop loss of 5-10 points.

  • SELL 0,70350
  • TP 1 = 0,70250
  • TP2 = 0,70150
  • SL 1 = 0,70400
  • SL 2 = 0,70450

Always prioritize Money Management and Risk Management.

Visit GIC Indonesia to get information about the world of trading. You can also join us in the Telegram Community GIC Trade and Telegram Channel GIC Trade. Don't forget to check the Youtube account GIC Indonesia which is full of lots of information, and follow our Instagram account to get information about various interesting webinars that you can follow.