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Oil rises as Ida approaches, Bitcoin bounces back

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Oil buoyed by improved risk appetite and Ida caution

Oil prices are on the rise once more, buoyed by improved risk appetite in the markets and as Tropical Storm Ida forces companies to evacuate offshore facilities in the Gulf.

Ida is expected to intensify as it makes landfall which creates uncertainty for producers in the region. This is nothing new but every Hurricane is different and brings uncertainty for the region that contributes heavily to US output.

Should it pass without major issues then we could see oil paring some of these gains on Monday. Of course, risk appetite looks vastly improved after Powell’s speech so maybe not.

Bitcoin jumps at the end of the week

Bitcoin is bouncing back on Friday, seemingly buoyed by improved risk appetite in the markets.

The cryptocurrency still looks vulnerable to a correction but today’s move will provide some optimism that it can keep the party going in the near term and overcome $51,000.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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