With central banks having to promise they would deal with the liquidity crisis that is apparently everywhere and avoid another 2008-style meltdown of the industry.
Crude oil prices came off their lows as the near-term outlook for the banking sector improved, easing concerns about an economic slowdown later in the year.
Markets are also holding out for more cues from an OPEC+ meeting next month, with hopes that the cartel will cut production in response to a recent tumble in prices.
Oil has failed to break supply at 70.11 for the past three days which price is likely suggesting the efforts to convince the public that all will be well are not exactly being successful.
If price fails to break and close above 70.11-70.34 range I see selling opportunity towards major support at 66.85 if broken would see price tap into demand at 66.33-64.31 range where there could be possible reversal or a continuation.
Crude oil prices came off their lows as the near-term outlook for the banking sector improved, easing concerns about an economic slowdown later in the year.
Markets are also holding out for more cues from an OPEC+ meeting next month, with hopes that the cartel will cut production in response to a recent tumble in prices.
Oil has failed to break supply at 70.11 for the past three days which price is likely suggesting the efforts to convince the public that all will be well are not exactly being successful.
If price fails to break and close above 70.11-70.34 range I see selling opportunity towards major support at 66.85 if broken would see price tap into demand at 66.33-64.31 range where there could be possible reversal or a continuation.