It seems that world economic growth is slowing. However, after the loss of 5% on 6th of July, oil is able to find good support at 46.90 dollars area.
We believe it can be a good level of support in the medium term, and we see a target area at 49/50 dollars.
Please remind yourself that this is just my personal view on the market. My analysis should NOT serve as any recommendation to buy or to sell.
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