The Oil price finds an interim cushion near $76.00 after correcting from a fresh three-week high near $78.80.
Firm Fed interest-rate cut prospects have supported the downside in the Oil price.
Weak demand for stimulus in China has prompted fears of global demand concerns.
West Texas Intermediate (WTI), futures on NYMEX, discover support near $75.70 in Thursday’s European session after correcting from a fresh three-week high of $78.78 in last two trading sessions. The Oil price is expected to remain sideways as the downside is being supported by the uncertainty over Middle East conflicts and overwhelmed expectations of market participants that the Federal Reserve (Fed) will start reducing interest rates from the September meeting. While growing uncertainty of global Oil demand has sealed the upside.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.