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Me and Eamonn each highlighted the bearish outdoors day in oil yesterday and it is coming to cross.
There was a bearish outdoors day yesterday and it got here after a take a look at of the 50-61.8% fibonacci retracement stage of the June swoon.
OPEC+ right now was a non-factor because it endorsed the August manufacturing hike that was already introduced and did not provide something on September and past.
Feedback from Biden could have harm oil as he urged Gulf states to supply extra but in addition mentioned that he will not be speaking straight with Saudi Arabia about rising manufacturing. I am undecided that is plausible however it’s what it’s.
The primary driver proper now could be worries about progress. As we speak’s Japanese manufacturing information was horrible and US total consumption information was delicate (with fears of extra client weak spot).
This text was written by Adam Button at www.forexlive.com.
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