Recovery in Trump health supporting Crude prices
Last week, WTI Crude prices ended lower by 8 percent as worries over second wave of the covid-19 virus clouded the demand prospects for
Crude. Resurgence of the covid-19 virus is a major setback for the already shackled Oil market. Alarming increase in Covid-19 cases raised worries
over reinforcement of lockdown in major economies which undermined the outlook for Crude. The Organization of the Petroleum Exporting Countries (OPEC) is also reluctant to increase Oil production from January 2021 in an attempt to counter the weak demand. Moreover, rising exports from Libya and Iran despite the production cuts by the Organization of the Petroleum Exporting (OPEC) also weighed on the prices.
However, hopes of further stimulus infusion by the U.S. as the democrats and the white house officials work on striking a deal limited the fall in Crude prices.
Recovery in President Donald Trump’s health after being tested positive might support Oil prices; however, bleak economic outlook reflecting the
resurgence of covid-19 virus undermined the outlook for Crude.
Suggestion: BUY CRUDE FROM 37.65-60 SL BELOW 36.20 TGT 39/39.40 ELSE SELL BELOW 36 SL ABV 37.70 TGT 34.50/34
Crude. Resurgence of the covid-19 virus is a major setback for the already shackled Oil market. Alarming increase in Covid-19 cases raised worries
over reinforcement of lockdown in major economies which undermined the outlook for Crude. The Organization of the Petroleum Exporting Countries (OPEC) is also reluctant to increase Oil production from January 2021 in an attempt to counter the weak demand. Moreover, rising exports from Libya and Iran despite the production cuts by the Organization of the Petroleum Exporting (OPEC) also weighed on the prices.
However, hopes of further stimulus infusion by the U.S. as the democrats and the white house officials work on striking a deal limited the fall in Crude prices.
Recovery in President Donald Trump’s health after being tested positive might support Oil prices; however, bleak economic outlook reflecting the
resurgence of covid-19 virus undermined the outlook for Crude.
Suggestion: BUY CRUDE FROM 37.65-60 SL BELOW 36.20 TGT 39/39.40 ELSE SELL BELOW 36 SL ABV 37.70 TGT 34.50/34
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.