Crude Oil Price Forecast: Rally Back on Track After Bear Trap
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Crude Oil Outlook:
Crude oil prices took a dive earlier this week, but price action suggests that the bearish impulse is in the rearview mirror.
The OPEC+ announcement seems to have been digested by markets, which are refocusing on the reality of the supply-demand imbalance likely to persist.
Bears Be Warned
While US equity markets have been climbing their own wall of worry, so too have crude oil prices: the delta variant; the OPEC+ announcement to increase supply; and the surprise climb in US oil inventories.
With respect to the three points above, you can read more about the delta variant and its implication for financial markets here.
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Gold prices climbed to a fresh 4-month high, backed by a softening US Dollar and demand for inflation-hedge assets. Traders are eyeing an OPEC+ meeting after the oil cartel pointed to tight market .
Crude Oil Price Forecast: Entering Make-or-Break Territory dailyfx.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyfx.com Daily Mail and Mail on Sunday newspapers.