Oil Traders Wary of High Downside Risks
The black liquid hydrocarbon is trading slightly weaker after its gains posted yesterday. It is important to note that crude oil bulls appear to be suffering from exhaustion as they neared the critical resistance level of $ 43 / barrel as it took the black viscous derivative several weeks to break above that level but growing concerns about global energy demand / Supply The balancing had put such hopes under control for a moment.
Amid bullish macros that are expected to keep the price of crude oil significantly higher, such as the recent resumption of talks between the U.S. Treasury Department and U.S. spokesman in connection with the ongoing interruption of supplies to the North Sea region by Norwegian oil workers and the major hurricane storm If to disrupt oil production around the Gulf of Mexico, the bears still appear to be in control as prices have not risen as expected, meaning that concerns that the oil market is becoming saturated are still weighing heavily on the bulls .
Many energy analysts would normally have expected the Johan Sverdrup oil field, a huge oil rig, to be shut down by striking oil workers who propel oil bulls with enough gas to easily break above the $ 43 / barrel resistance level, but concerns about that Recent Politics Growing Polls suggest that President Donald Trump, a pro-fossil leader, has fewer chances of winning the US presidential election as some oil traders have been banned from doing so on the short term as the ever-changing geopolitical spectrum makes it difficult for traders to take strategic positions .
That said, it will be very unfair to rule out the bulls as the latest macro, showing a leading oil producer in Saudi Arabia increasing its price for its flagship in Asia and showing signs that energy demand is gradually picking up after six weeks of sales Discounted types of crude oil with falling demand.
The Saudis, led by the sheriff of the oil cartel, were also very optimistic that the recent cut in OPEC would help stabilize crude oil prices in the medium term, as the large oil producer makes strong compliance efforts.
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This article was originally published on FX Empire
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