Oil Bulls Run Halted by President Trump’s Tweet

US West-West Intermediate (WTI) and Brent Crude Oil (LCOc1) futures prices fell more than 1% after both key US benchmarks rose over 3% on Tuesday
Oil traders are also monitoring the health of the world's most powerful political leader as he is still being treated for a COVID-19 infection, and the bearish bias was heightened when he announced via his Twitter handle that he was up for discussion with the opposition party ends on an economic aid deal for its COVID-19-affected economy with the US presidential election in just a few weeks.
The bears are now in command as the prevailing challenge in realigning demand came to fruition when recent statistics from the American Petroleum Institute showed U.S. crude oil inventories rose 951,000 barrels last week - more than energy analysts expected.
However, selling pressure currently prevailing in the oil market has been curbed as large oil companies around the Gulf of Mexico fought hard to secure their offshore oil platforms when Hurricane Delta affected US oil production around the vital energy hub on the American continent, the accounts for about 17% of total US crude oil production
In addition, oil prices are still holding a large chunk of Tuesday's profit as the latest oil barometer, President Trump, discharged from Walter Reed Hospital and other exogenous factors, which include a large crude oil producer Norway, announce it has some this will slow down its oil supply.
It is fair to say that the ever-changing energy market would now shift focus to realigning demand, although price volatility is to be expected given the rapidly approaching US election.
In our economic calendar you will find all economic events of today.
This article was originally published on FX Empire
More from FXEMPIRE:
Daily EUR / USD forecast - support at 1.1750 proved its strength
Technical analysis of the EUR / USD interim session for October 7, 2020
Basic Daily Gold Price Forecast - Traders looking for clarity on US tax incentives
Financial roller coaster ride independents to force consolidation increase
Daily GBP / USD Forecast - British Pound tries to rebound from yesterday's sell-off
European stocks: economic data, Brexit and US politics in focus

You should check here to buy the best price guaranteed products.

Last News

Justice Department escalates warning to states over GOP voting laws and election audits

Chicago Adds 9 States to Its Travel Advisory List As Illinois Recommends Masks Indoors for All

Lenny Kravitz, 57, shows off toned abs in unbuttoned shirt: ‘Building a deck’

DOJ won't defend GOP Rep. Brooks in Jan 6 lawsuit

Hollywood actress Susan Sarandon joins protest outside AOC's office: 'We’re losing hope here that you represent us'

Texas teens find dead man's body, steal his jewelry and post it all on Snapchat: police