IEA Monthly Oil Market Report said that 2020 crude oil demand forecast reduced by 140k to 91.9mln BPD which was the first decline for several months, while 2021 crude oil demand forecast revised down by 240k to 97.1mln. Furthermore, it remains unclear if new COVID-19 cases indicate a second wave or regular variation and compensation for earlier OPEC+ overproduction could keep world supply steady in August. Technically the commodity is still trending up on the daily, so unless the recent HL is broken it should remain that way.
Thanks for the information. Please have a look at my idea that I just shared on oil. Short term trend
FTUKcom
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@herkiertb, No problem! Ive just checked out your channel idea and its very interesting. Do you trade oil short term?
herkiertb
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@Forex-Traders-Uk, Thanks Mate. Yes just interday stuff. I have some longs in it also. But usually, interday with tight SL and higher risk.
FTUKcom
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@herkiertb, Thats great considering the recent events! Do you study the OPEC operations as well? My experience with oil has been much longer term than intraday.