USOIL declines on possibility of geopolitical stability
Crude oil and gasoline prices fell August 6 after an early rally, as Trump announced "great progress" in U.S.-Russia talks to end the Ukraine war, reducing fears of new sanctions on Russian energy exports. Additionally, OPEC+’s planned 547,000 bpd production increase for September further pressured prices amid concerns of a global oil supply glut.
Technically, USOIL broke crucial local support at 6,500.00. Currently, the price is retesting this level. The decline towards 6,300.00 is expected in short-term.
Crude oil and gasoline prices fell August 6 after an early rally, as Trump announced "great progress" in U.S.-Russia talks to end the Ukraine war, reducing fears of new sanctions on Russian energy exports. Additionally, OPEC+’s planned 547,000 bpd production increase for September further pressured prices amid concerns of a global oil supply glut.
Technically, USOIL broke crucial local support at 6,500.00. Currently, the price is retesting this level. The decline towards 6,300.00 is expected in short-term.
Join me, I'll guide you to PROFITABLE TRADING💵!
Telegram Channel: t.me/forextradersliveofficial
Telegram Channel: t.me/forextradersliveofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join me, I'll guide you to PROFITABLE TRADING💵!
Telegram Channel: t.me/forextradersliveofficial
Telegram Channel: t.me/forextradersliveofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.