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Oil Is Still Rising

Olymp Trade

Oil continues its moderate growth in the current price channel. Bulls are trying to overcome the level of $62.0 per barrel. If successful, upward movement will continue to the upper boundary of the channel in the zone of $65.5-63.0. On the other hand, the local bearish divergence is noticeable on the oscillators, therefore, a corrective downward movement in the short term is more likely. The price target for sellers, in this case, will be near the lower border of the channel in the range of $60.3-61.0.

On Friday, the number of operating rigs from Baker Hughes was published. Their number decreased by 17 units down to 696 units. An active bearish trend has been observed since the beginning of 2019 from a peak of 1083 units due to a reduction in the cost of new oil rigs drilling by American manufacturers. Also, on Friday, the US trade representative said that Beijing and Washington have made some progress in trade negotiations to prepare the first phase of a trade agreement.

Olymp Trade Review

Source: https://olymptrade.com/
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