Crude Oil Technical Analysis – Testing a key resistance ...Middle East

Fundamental OverviewCrude oil continues to remain supported as the buyers might be looking forward to the consequences of the Fed’s easing cycle on economic activity. 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 Fed easing into a resilient economy. Lower rates generally lead to an increase in the manufacturing activity and therefore increased demand for crude oil.On Monday, we get the S&P Global PMIs and that will be the first test although the data might not incorporate the Fed’s decision, so the ISM Manufacturing PM

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