Oil prices remain stuck between still-plentiful global supply and concerns about energy demand in major industrial economies
The Organization of Petroleum Exporting Countries and its allies has extended production cuts into this year’s second quarter, but that move was widely expected and didn’t affectmuch. More broadly the market remains caught between the prospect of plentiful supply from non-OPEC producers, and uncertain demand chances as the industrialized economies struggle with meager growth or, in some cases, outright recession.
This week will bring plentiful economic news out of the US, culminating in Friday’s release of the official non-farm payrolls data which sent the Dollar soaring last month. Signs that the US economy continues to motor should probably be good news for the oil market but, probably only in so far as rate cuts remain on the table this year. Closer to the market, the Energy Information Administration’s snapshot of oil inventories for last week will be released on Wednesday.
Retracemment support comes in at $77.76, and the market will probably retain its overall bullish bias above that point, Stay up to date with the latest market news and themes driving markets by signing up to our weekly newsletter:Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits.
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