Crude Oil Technical Analysis – Better days ahead? ...Middle East

oil rebounded from the lows as the buyers might be looking forward to the Fed’s easing cycle. As a reminder, the positioning in crude oil is at record lows and the sentiment is very bearish. These factors can generally offer great contrarian opportunities. The main reason which could drive oil prices higher is the imminent Fed’s easing into a resilient economy. Lower rates generally lead to an increase in the manufacturing activity and therefore increased demand for crude oil.Yesterday, we got the US Industrial Production data and as expected the hurricane related drop in July was erased. Crude Oil Technical Analysis – Daily TimeframeOn the daily chart, we can see t

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