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Oil Price Fundamental Daily Forecast - Rebounding Ahead of EIA Inventories Report

From fxempire.com

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading marginally lower on Wednesday after two days of aggressive selling pressure. The attempted recovery from early session weakness is likely being fueled by short-covering and position-squaring ahead of the government storage report later in the session. The sell-off on Tuesday and earlier today was fueled by an industry inventories report that showed a surge in U.S. stockpiles, concerns over lower global demand growth and worries over the lack of progress in U.S.-China trade negotiations. At 10:22 GMT, January WTI crude oil ... (full story)

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  • Category: Fundamental Analysis