Can USOIL Maintain its Level?

Traders Den

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Your market news roundup

What’s happening in the markets? We’ve put together some of the most important news and events that may affect your trades in the near term.

NFP report: what you need to know

  • China has been the main driver of crude oil demand. Unfortunately, the recovery is slow. Like China, many developed countries face a slowing economy, which also impacts China.
  • To maintain the price, Saudi and Russia plan to curb their production to stabilise it in the second half of this year.
  • Aside from that, the strong USD has also impacted the price, and the Fed emphasised that job data like Nonfarm Payrolls may affect their decisions in the near future.
  • From a technical perspective, USOIL maintained within the narrower price range, between a downward-slanting trendline and the support area.
  • If the price can close above the trendline, it may continue to retest its resistance at 72.80 – 74.20.
  • On the contrary, the price may return to 66.00 – 67.00 again if it fails to close above the trendline.