What's happening in the markets? We've put together some of the most important news and events that may affect your trades in the near term.
Will oil prices be under pressure following EIA's forecast?
In its short-term outlook, the EIA expects oil prices to decline as global inventories rise. Slower demand growth and higher output are projected to push production above consumption, adding to stockpiles and pressuring prices.
Meanwhile, traders closely watched US-China trade talks in London. Sentiment stayed cautiously optimistic as US Commerce Secretary Lutnick said discussions were going well.
On the supply side, Saudi Aramco cut its Jul oil shipments to China by 1 mln barrels from Jun, suggesting OPEC+'s production increase may not lead to a significant supply boost.
USOIL retested the descending trendline and the resistance at around 64.50 before retreating. The price is still above both EMAs, indicating that bullish momentum persists.
If USOIL breaks above the resistance at 64.50 and the descending trendline, the price may advance to the resistance area of 68.00-70.00.
On the contrary, staying below 64.50 and both EMAs may prompt a movement to the support at 60.00.
We'll continue to keep you informed about current market trends and the drivers behind them. Stay tuned for more updates in the future.
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Warm regards, The Exness Team
"Best spreads" mean the tightest and most stable spreads. "Most stable spreads" refers to the lowest maximum spreads, and "Tightest spreads" refers to tightest average spreads on Exness Pro account, for XAUUSD, USOIL, and BTCUSD based on data collected from 25 August - 7 September 2024, when compared to the corresponding spreads across commission-free accounts of other brokers. Spreads may fluctuate and widen due to factors including market volatility and liquidity, news releases, economic events, when markets open or close, and the type of instruments being traded.
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