Supply and Demand: How Will USOIL Move?

Traders Den

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

  • Oil spilled off Lousiana Coast. The incident has caused a shutdown of seven drillers, disrupting output.
  • Nigeria demanded shipping companies pay outstanding tax bills of more than millions of dollars, reviving a dispute which triggered a freight costs spike.
  • Traders are waiting for the OPEC+ meeting, which may shed some light to inform traders.
  • From a technical perspective, USOIL has maintained a minor movement recently but has not formed any trend change confirmation.
  • If USOIL closes above 80.00 USD per barrel, the price may retest its resistance at 82.50 USD per barrel.
  • On the contrary, USOIL may return to 74.00 – 75.00 USD per barrel if the price fails to close above 78.50 USD per barrel.

We’ll continue to keep you informed about current market trends and the drivers behind them. Stay tuned for more updates in the future.