The most recent catalyst for buying energy was a sweep through Saudi Arabia to rid the country of corruption has taken the global energy market by surprise. Energy ministers involved in the production curb, which has been responsible for tightening oil supplies in closer respect to growing global demand are set to meet in Vienna later this month to decide the time extension of the production curb.
The start of the. Initial resistance was expected at previous equality targets at Buying dips remain the preference. Unlock our Q4 forecast to learn what will drive trends for the Euro and the US Dollar through year-end! Retail traders join Crude Oil rally. The sentiment highlight section is designed to help you see how DailyFX utilizes the insights derived from IG Client Sentiment , and how client positioning can lead to trade ideas.
If you have any questions on this indicator, you are welcome to reach out to the author of this article with questions at tyell dailyfx. Oil - US Crude: Retail trader data shows The number of traders net-long is We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Oil - US Crude prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current Oil - US Crude price trend may soon reverse lower despite the fact traders remain net-short emphasis added.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Click here to dismiss. Crude Oil Price Forecast: Upcoming Events Economic Event. Forex Economic Calendar A:More...