FXStreet reports that strategists at OCBC Bank expect the cautious tone to hold as we approach the end of Q1 and next week’s OPEC+ meeting.
“Faced with a deluge of bearish factors – a seemingly less-dovish FOMC, setbacks in Europe's vaccination drive and a fresh spat in US-China relations – oil took a more severe beating than its base metals counterpart. The rise in US Treasury yields to above 1.70% and the firming US dollar also complicated oil's bull run, while the combined rise in US crude oil and gasoline stocks added another layer of headwind.”
“We have always opined that while crude oil is in need for a technical correction, $65 would be a decent level to begin building a long position again.”
“We think oil could see a slight rebound this week and trade largely range-bound in the medium-term between $65 to $70.”
© 2000-2021. All rights reserved.
This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at email@example.com.