Crude Oil Technical Analysis – The soft US NFP report weighed on the sentiment ...Middle East

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Fundamental OverviewCrude oil has been on an incredible run since bottoming out around the $72.50 level in early June. The market eventually caught up to the positive drivers we had back then with the OPEC+'s extension of voluntary output cuts, and the pickup in economic activity seen from the global PMIs. The prospects of major central banks easing their policies was also a contributor for the positive future demand outlook. More recently, the price got rejected from a key resistance level and eventually extended the drop following a soft US NFP report. We basically have an economy that is slowing but still growing. We will see if the market will be able to keep the positive sentiment on s

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Last updated : 09 July 2024 clock 12:48 PM

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Crude Oil Technical Analysis – The soft US NFP report weighed on the sentiment ...Middle East

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