The biggest concern for traders is the escalation of the U.S.-China trade dispute that will likely lead to further downward revisions in U.S. and global oil
demand growth. Likewise, crude oil
value is pegged to the US dollar
meaning that any appreciation will favour a decline of the commodity prices, as same as a depreciation drives prices higher. Fears over slowing world growth denting demand for crude should ensure Oil
prices remain depressed in the short to medium term.
Since the beginning of the month, the energy commodity rallies, fuelled by an increasing daily traded volume
. After settling around the supply level
, there was a subsequent bearish
pressure and a willingness to push prices back to the demand level
. The bearish
move is sharp however shows some weakness with an increasing number of rejection bars.
and sell every high points while we don't break upside 55.000 Level, with a target @52.000.