Spot Oil Volatile Ahead of Busy Trading Day

<p aria-level="1"><a href="https://admiralmarkets.com/analytics/traders-blog/spot-oil-volatile-ahead-of-busy-trading-day"><picture class="lozad" data-iesrc="https://fxmedia.s3.amazonaws.com/articles/EN_-_Fundamental_analysis-150.jpg" data- data- data-alt="spot oil prices" data-height="376" data-width="800"><source type="image/webp" media="(min-width: 640px)" srcset="https://dqvh7oj3vu3ch.cloudfront.net/720x,webp/fxmedia.s3.amazonaws.com/articles/EN_-_Fundamental_analysis-150.jpg"></source><source type="image/webp" media="(max-width: 639px)" srcset="https://dqvh7oj3vu3ch.cloudfront.net/375x,webp/fxmedia.s3.amazonaws.com/articles/EN_-_Fundamental_analysis-150.jpg"></source></picture></a></p><p>Spot oil prices are volatile and global stock markets shed points as inflation and geopolitical tensions weigh on risk sentiment ahead of a busy trading day.  </p><h2>Macro-economic news </h2><p>Markit releases the March PMI report for Germany today. Depending on the reaction to the results, this event may move the EURUSD. The Eurozone’s manufacturing sector faces headwinds in the form of high crude oil prices and rising costs for industrial processes, in addition to uncertainty over the future of trade with Russia amid the conflict in Ukraine.  </p><h2>UK trading news </h2><p>The Markit March Services report for the UK comes out today with a possible knock-on effect on the GBP crosses. The benchmark was bullish for February just prior to the escalation of geopolitical risks which weighed on sentiment throughout March.  </p><h2>CHF currency pairs </h2><p>Watch the CHF currency pairs ahead of the Swiss National Bank (SNB) interest rate decision this morning. As the global monetary policy climate turns hawkish on high inflation rates, the SNB’s current key rate is at minus 0.75 percent.  </p><h2>USD – Durable Goods Orders </h2><p>The last red flagged trading event for today is the US Durable Goods Orders report for February. High inflation may have impacted on consumer sentiment for the month and the USD may move, depending on the trading market’s reaction to the news.  </p><h2>Crude oil traders sensitive to supply risks </h2><p>Investors’ nerves are stretched as supply-side risks reappear in the Caspian Sea from where much of Russia’s crude oil is transported. Spot crude oil prices jumped around five percent on reports of supply disruptions before subsiding. Volatility is likely to surface in the case of similar incidents in the region and ahead of a crucial OPEC meeting.  </p><p>Europe has looked to OPEC to relieve tight oil supplies and the group meets next week on March 31st. So far, OPEC has resisted calls to increase supplies on the basis that world demand for crude oil is unchanged at 4.2 mb/d.  </p><h2>Gold spot prices supported </h2><p>Spot gold prices appear supported in the middle of the ongoing uncertainty. Safe-haven investing is firmly on track as geopolitics and inflation keep sentiment wary and financial instruments reactive to news.  </p><p></p><div><div><span>Invest in the world’s top instruments</span><p>Thousands of stocks and ETFs at your fingertips</p><a target="_blank" href="https://admiralmarkets.com/start-trading/admiral-invest-stocks-and-etfs">START INVESTING</a></div></div><p>  </p><p>INFORMATION ABOUT ANALYTICAL MATERIALS:    </p><p><em>The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter “Analysis”) published on the websites of Admirals’ investment firms operating under the Admirals trademark (hereinafter “Admirals”) Before making any investment decisions please pay close attention to the following:    </em></p><p><em>This is marketing communication. 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