US-OIL 1D

- Oil has been traded lower-High on Friday as demand concerns continued to outweigh worries over escalating tensions between the United States and Iran.
- The catalysts driving demand concerns are rising expectations of a global economic slowdown or even a recession. The US/Iranian tensions are bullish for the market, but they are starting to die off just a bit.
- Moving in the other direction, we have the US dollar likely to be sold off. We expect that we stay in this tight range between $55 and $60 for the next several weeks.

Regards,
GoldFXcc Team