Oil Price Stuck in May Opening Range After Failing to Test March High
of clients are net short. Long
News
of clients are net short. Long
News
of clients are net short. Long
News
of clients are net short. Long
News
2021-05-13 14:00:00
David Song,
Strategist
Oil Price Talking Points
The price of oil appears to be stuck within the opening range for May amid the failed attempt to test the March high ($67.98), and looming developments in the Relative Strength Index (RSI) may warn of a larger correction in crude as the indicator appears to be threatening the upward trend from earlier this year.
TOKYO:
Oil prices fell on Thursday, pulling back from an eight-week high as concerns about the coronavirus crisis in India, the world s third-biggest importer of crude, tempered a rally driven by IEA and OPEC predictions that demand is coming back strong. Brent crude was down 32 cents, or 0.5%, at $69.00 a barrel by 0145 GMT, after gaining more than 1% on Wednesday. West Texas Intermediate (WTI) was down 31 cents, or 0.5%, to $65.77 a barrel, having risen 1.2% in the previous session. The path for crude prices appears to be higher but until the situation improves in India, WTI will probably struggle to break above the early March high, Edward Moya, senior market analyst at OANDA, said in a note.
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