60 days ago • Posted by Paul de La Baume
#oil gains 5% on OPEC+ cuts $USO #trading #forex
Oil prices surged after the surprised production cuts by OPEC+. Now the question remains about the state of global demand. It also reveals the cartel is worried about the oil price slipping further, and shows the thin level of tolerance for the cartel. From a trading perspective, oil is now at the top of its range and traders should patient for a clearer setup now. Our view was for oil to rally from the floors set during the Credit Suisse and Deutsche Bank scare, but now that trade doesn't have an attractive risk reward anymore.