On Friday, positive oil sentiment brought prices up optimistically at 81.60, analysts are also optimistic that prices will rise as the US demand outlook in the short term improves and supply falls more than expected. Additionally, a strong dollar index supports oil prices to be bullish.
However, it seems that the market is very dynamic, oil prices fell to the lowest level of 80.17 before the market closed on Friday. The market may be responding to manufacturing and services PMI news on Friday which causes the USD to strengthen against other currencies including gold and silver
Visually, the oil price depicts a bearish candlestick that is bigger than the previous candle, this may be a reversal pattern, if the price breaks the 80 level down, it may look for new support near 79.00 near the MA line. Today's news that may concern investors is news for CAD BOC Gov Macklem Speak and Canada inflation data.
However, it seems that the market is very dynamic, oil prices fell to the lowest level of 80.17 before the market closed on Friday. The market may be responding to manufacturing and services PMI news on Friday which causes the USD to strengthen against other currencies including gold and silver
Visually, the oil price depicts a bearish candlestick that is bigger than the previous candle, this may be a reversal pattern, if the price breaks the 80 level down, it may look for new support near 79.00 near the MA line. Today's news that may concern investors is news for CAD BOC Gov Macklem Speak and Canada inflation data.
