HelenRush

Oil is tired of range-bound trading

TVC:UKOIL   CFDs on Brent Crude Oil
Crude oil prices have been range-bound over the last few days due to a relative balance of bearish and bullish factors. Despite the current consolidation, there is a downside slope in Brent which may be a sign of buyers’ fatigue and a prelude to a local bearish correction.
Since peak of $70.35 in mid-January, Brent started a smooth retreat and slipped to the $68.02 low yesterday. Prices lack momentum to regain the $69 mark that prevents it from recovery above the key $70 handle.
Among the bullish drivers are raising hopes of increasing global oil demand on the back of a rosy economic picture, a weak greenback, high discipline among OPEC+ members, as well as an expected another weekly drawdown in U.S. stockpiles.
On the other hand, investors are wary of increasing crude oil production in the U.S. as higher prices may, at some point, trigger a new wave of shale revolution. These fears will hardly allow prices to rise significantly from current levels. And the longer prices stays under $69, the higher the downside risk is.
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out