The global risk aversion drove the prices for WTI and Brent down.
Tag - oil
The commodity is hurt by the uncertainty about the US-China trade tension and the future of global oil demand for the rest of the year.
Find out the main drivers for this week
The price for WTI has risen to its highest levels since the beginning of May.
Hottest events for this week!
As usual, the reason is hidden in US political games…
Let's consider the key levels for oil and USD/CAD
WTI oil formed a “shooting star” candlestick on W1 around 61.8% Fibonacci resistance of the October-December decline.
The fears about the global economic slowdown have deepened this week after the disappointing release of manufacturing PMI for Europe. Will this situation put an end to the bullish optimism in the oil market?
How to trade GBP/USD and oil today?
It looks like there’s a nice trade setup in WTI oil. The price rebounded from the 100-day MA in the 54.50 area last week.
Check out the levels of USD/CAD and oil ahead of the BOC monetary policy statement!