The crude oil price had a bumpy August with a drop to the $50 area, which was quickly tracked back. Will the oil price in September 2019 be as volatile and what are the main factors you should consider in your oil price analysis? Watch our analysis and share what you think will happen!
The last several days have seen the risk-on attitude reflected in oil prices. With trade talks between China and the US being agreed for October, the oil price forecast suddenly looked better for the bulls. Nothing is of course certain in this trade war, including an escalation, more tariffs and retaliation.
The focus today was on crude oil inventories, which dropped by 4.8M barrels. The number has been immediately reflected on the oil chart – we are currently trading at $57.3 and going for the next support at $58.5. Will the reduction in inventories manage to soothe the remaining fears about the global economy? Watch our complete oil chart analysis to get all the angles.
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