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Oil bears taking over?
Oil prices have started to drop in the past two days, with analysts citing the interest rate decisions of various central banks as a possible reason. Yet the overall environment for the oil market seems to still be characterised by a tight supply side, while the demand side tends to remain uncertain. In this report, we aim to shed light on the factors driving WTI’s price, assess its future outlook and conclude with a technical analysis of Brent. We make a start as usual with the data for the US oil market in the past week. We note that the Baker Hughes oil rig count continued to rise and showed a number of 515 ... (full story)
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- Posted: Sep 21, 2023 10:10am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 85
