Technical Analysis: Oil Has Room To Run ...Middle East

OILPRICE - Economy
Technical Analysis: Oil Has Room To Run
source : OILPRICE ( Middle East ) () 30
U.S. West Texas Intermediate crude oil futures are trading higher on Friday as major producers agreed on a compromise to continue some cuts to production to cope with coronavirus-hit demand even though these fell short of expectations. The market surged early in the session but the rally ran out of steam following a test of a key technical level. The price action suggests that traders are reluctant to chase the market higher at current price levels. Gains are likely being capped by mixed to bearish feelings over the OPEC+ compromise, but underpinned…

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