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US OIL Fundamental Analysis – 04/03/2019


WTI prices corrected from a 3-months highs of 57.83 per barrel on the back of a stronger US Dollar. A broad-based US dollar strength combined with ongoing global economic slowdown fears, dampened investors sentiment. However, with reports stating that a trade deal could be imminent between the US and China, the global economy would likely recover causing that could further strengthen the demand for oil and extend the uptrend with prices already supported by OPEC cuts. Furthermore, Baker Hughes reported Friday that the oil and natural gas rigs active in the United States fell to 843 in the week ended March 1, the lowest level since May 2018.

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Source: https://www.squareddirect.com/blog/technical-analysis/us-oil-technical-analysis-04-03-2019
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