Home Gold News Crude Oil Gained More Ground on Tuesday

Crude Oil Gained More Ground on Tuesday

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Crude oil gained more ground on Tuesday, with prices underpinned by expectations of U.S. stimulus and a rebound in Asian demand as economies reopen. Prices found support after U.S. President Donald Trump tweeted that top congressional Democrats wanted to meet with him on coronavirus-related economic relief. At the same time, Saudi Arabian Aramco’s Chief Executive Amin Nasser said he sees oil demand rebounding in Asia as economies gradually open up after the easing of coronavirus lockdowns. China’s factory deflation eased in July, driven by a rise in global oil prices and as industrial activity climbed back towards pre-coronavirus levels, adding to signs of recovery in the world’s second-largest economy.

TREND : BULLISH

Time                                      :           11/08/2020

Pivot                                      :           41.88

Technical View                     :             LONG ABOVE 42.06

Target                                   :            42.26, 42.64, 42.99, 43.62

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