Home Gold News Oil Prices Rose — by Support for Demand Coming From Efforts to...

Oil Prices Rose — by Support for Demand Coming From Efforts to Stimulate the U.S. Economy’s Recovery

162
0

Oil prices rose for a third straight day on Tuesday, buoyed by support for demand coming from efforts to stimulate the U.S. economy’s recovery from the coronavirus crisis and a weakening of the dollar that makes crude cheaper for global buyers. Oil prices will continue to draw support from the Fed’s dovish policy, which sees the U.S. dollar move lower. U.S. Senate Republicans on Monday proposed a $1 trillion coronavirus aid package worked out with the White House to revitalise the economy with expanded unemployment benefits for millions due to expire this week, although Democrats urged more support. Investors are also watching for any impact from storm Hanna which had faded when battered the Texas coast over the weekend.

Oil prices rose for a third straight day on Tuesday, buoyed by support for demand coming from efforts to stimulate the U.S. economy’s recovery from the coronavirus crisis and a weakening of the dollar that makes crude cheaper for global buyers. Oil prices will continue to draw support from the Fed’s dovish policy, which sees the U.S. dollar move lower. U.S. Senate Republicans on Monday proposed a $1 trillion coronavirus aid package worked out with the White House to revitalise the economy with expanded unemployment benefits for millions due to expire this week, although Democrats urged more support. Investors are also watching for any impact from storm Hanna which had faded when battered the Texas coast over the weekend.

TREND : WEAK BEARISH / SIDEWAYS

Time                                      :           28/07/2020

Pivot                                      :           41.31

Technical View                     :             LONG ABOVE 41.51

Target                                   :            41.71, 42.29, 42.81, 43.64

Technical View                     :             SHORT BELOW 40.11

Target                                   :            40.91, 40.54, 39.81, 39.19

LEAVE A REPLY

Please enter your comment!
Please enter your name here