News

Oil extends decline to 5%

Libya restarts production

Worries about a virus pickup and the return of Libyan oil are weighing heavily on crude. There is also the death of the Kuwaiti head of state to consider and the fumbling on the EU recovery fund.

Crude was trading at $40.25 when New York traders arrived, it’s down to $38.62 now, a fall of 5%.

I don’t like what I’m seeing on this chart. This week’s high has fallen short of last week’s and both are below the August top. A series of lower highs is a tough trend to break and the supply-demand balance is problematic, to say the least.

For bank trade ideas, check out eFX Plus

Articles You May Like

ForexLive Americas FX news wrap: Back and forth but relatively subdued
USD/JPY drops to a fresh one-month low, strays away from the typical yields correlation
LIVE Forex Trading Analysis – NY Session 20th October 2020 XAUUSD Gold Trading
Live Forex Trading – NY Session 20th October 2020
Cable eases to 1.3100 as the dollar keeps steadier so far on the session

Leave a Reply

Your email address will not be published. Required fields are marked *