Demand Concerns and Surplus Projections Pressure Oil Prices
Investors remain concerned that the economic slowdown in Europe and China will reduce oil consumption. The latest manufacturing data from Europe showed contraction, fueling concerns about slowing fuel demand.
The US dollar strengthened slightly this morning as market participants awaited PCE inflation data. A stronger dollar makes oil (priced in USD) more expensive for non-dollar buyers, temporarily pressuring Brent prices. After yesterday's strong gains due to a decline in US oil inventories, some traders took profits this morning, adding to the temporary selling pressure. (mrv)
Oil prices at the time of writing were at $67.12/Toz.
- Buy if the price moves within the $67.17 range
- Sell if the price moves within the $67.07 range
Resistance 2: $67.28
Resistance 1: $67.22
Support 1: $67.00
Support 2: $66.92
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions.
Source: Newsmaker.id