Oil traders are now expecting an improvement in energy demand despite the recently seen lockdown in Western Europe.
Recent macros, from the world’s leading economic juggernaut, echoed such results in the Chinese services sector, the U.S. The March data reveal print services activity to record highs, triggering an oil bull to keep Brent crude prices at $ 62 a barrel.
Ever since Kovid-19 virus attackers continue to raise their ugly heads again globally, oil traders are currently discounting such negative narratives amid a boom in the upcoming summer trip that calls for energy Can accelerate and maintain oil prices at least above the $ 60 per barrel mark.
Recent price action, however, suggests black viscous hydrocarbons, as it headwinds more early in Q2 on the bias that oil traders are still struggling with a profit-making hangover as crude oil claws hit $ 70 a barrel. There are deep ones, which trigger the waterfall after the profits. A long fast rally.
That being said, the oil bulls have not yet gathered enough gas to break above $ 60 a barrel in the case of West Texas Intermediate Futures with the resurgence of the COVID-19 virus, which currently gives oil traders a nightmare. Used to be.
It is fair to say that traders can make it easier to buy from the dips knowing well that the oil cartel is closely monitoring the energy market through its monthly meetings, meaning that there is little doubt on OPEC + If Australia has to take steps to support oil prices in case of deterioration.