Crude Oil Technical Analysis – Strong comeback supported by the US NFP report ...Middle East

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Fundamental OverviewDespite the recent OPEC+ extension of the voluntary output cuts, Crude oil sold off as the price broke the support of the May range. The drop though might have been just technical as the bearish momentum picked up on the breakout. The price eventually bottomed around the $73 region and erased all the losses. More recently, the market got a boost from the strong US NFP report as that showed that demand is likely to remain strong amid the global growth pickup as depicted also by the PMIs. Moreover, we have some major central banks beginning to ease their policies and China will likely continue to do so as deflationary forces are still present. In the big picture, better gro

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Last updated : 12 June 2024 clock 12:48 PM

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Crude Oil Technical Analysis – Strong comeback supported by the US NFP report ...Middle East

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