17 days ago • Posted by Paul de La Baume
#Oil 's next move? #GDP #energy #brent #WTI #trading
US GDP data for the second quarter came at -0.9%, worst than the +0.5% expected, pulling down WTI slightly to settle at roughly USD99.2. Supplies continue to be tight, although they have been increasing lately, and are serving as a floor to the oil price. investors should pay attention to whether the cycle is turning and if consumers start to give up some of the demand, which could pressure oil prices. On a technical level, a move above the psychological level of USD100 bp for WTI could signal a break-out to retest 104 and above.