Oil traders are wary of rising crude oil prices

Oil traders are wary of rising crude oil prices

Crude oil prices rose in the high W / W, as the city’s new oil sheriff warned producers and fuel analysts, he specifically targeted short sellers, betting on lower crude oil prices.

Brent crude returned 8.3% last week, settling at সর্ব 43.15 a barrel in its most recent trading session.

Top energy experts are now speculating that the price of Brent crude could end at around / 49 / barrel, as the chief economist began publishing impressive economic data mixed with recent developments in the Covid-19 vaccine, reducing the fragile demand for petrol to the nerves of oil traders. Globally, major segments of the global economy are still working with declining capacity

It is worth noting that the price of Brent crude traded at $ 43 / barrel last week, with the largest economy stockpiles declining arbitrarily in recent economic data.

Looking closely at the price pattern of Brent crude, a vital breakout from the wage pattern is currently seen around the price level of $ 45 / barrel.

If bulls keep the price of Brent crude consistently above $ 42.50 / barrel in the coming days, it will likely give the price a significant technical test to break the price within its resistance level of 45 / barrel resistance.

However, additional supplies are coming from Africa’s largest crude oil reserves (Libya) if bulls are sure to chew large quantities, a recent report reveals that its leadership plans to pump more oil into a fuel market that has been disrupted by less volatile significance. The co-spread of the COVID-19 virus is likely to challenge bulls to breach the ল 45.50 / barrel price level in the near term as traders worry about rebalancing the demand / supply of crude oil.

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In addition, a report released on Friday found that oil imports, the second-largest economy, are trending lower this month than in the past four months, with large parts of Asia set to cut oil imports in September while electricity demand is still under pressure.

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About the Author: Forrest Morton

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