Home Gold News Oil Clawed Back Lost Ground After Saudi Arabia’s State-Controlled Producer Message

Oil Clawed Back Lost Ground After Saudi Arabia’s State-Controlled Producer Message

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Oil prices climbed in early trade on Monday, clawing back over half of Friday’s losses, on hopes for a stimulus deal to shore up the U.S. economic recovery and a pledge from Iraq to deepen its crude oil supply cuts. Hopes grew on Sunday that a stand-off would end between U.S. Democrats and the White House on a new support package for cash-strapped U.S. states hit by the coronavirus pandemic. U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin both said they were willing to restart talks on a deal to cover the rest of 2020. 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. On the supply side, Iraq said on Friday it would cut its oil output by a further 400,000 barrels per day in August and September to compensate for its overproduction in the past three months. The sharper cut will take Iraq’s total reduction to 1.25 million bpd this month and next.

TREND : SIDEWAYS

Time                                      :           10/08/2020

Pivot                                      :           41.62

Technical View                     :             LONG ABOVE 41.82

Target                                   :            42.02, 42.16, 42.31, 42.69

Technical View                     :             SHORT BELOW 41.42

Target                                   :            41.22, 40.94, 40.71

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