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Oil Price Outlook: Supply Concerns Added to Demand Slump, WTI Vulnerable Below $60

From dailyfx.com

Oil prices are coming off slightly again in today’s session after data reported last night in the US saw gasoline inventories rise by greater volumes than commercial crude stocks fell in the week ending April 2 (+4m vs -3.5m). The fact that gasoline inventories ticked up during a week that usually sees a pick up in demand as people travel for the Easter break is a clear indication that overall demand for crude is still struggling to recover despite economic activity starting to get back to normal. The market was quick to pick up on this sign and US crude oil slipped about $1.70 per barrel (-2.88%) on the release of ... (full story)

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  • Category: Technical Analysis