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Iraq’s Oil Minister Trying to Keep Oil Traders Buying

Crude Oil has turned quite bearish this month as US WTI crude fell from below $60 to above $50 where it seems to have formed a support zone. The global economy has been weakening which has decreased the demand for Crude Oil and the sentiment has turned negative after the escalation of the trade war, which has hurt the risk sentiment, hence the bearish trend in Crude Oil.

Now, Iraq’s Oil minister is trying to convince himself that the situation is not that bad, because traders are not buying it. Here are some of his comments:

  • Fears concerning global economic downturn are “exaggerated”
  • Those fears are negatively impacting the oil market
  • Global oil demand is currently acceptable, should improve in the coming months

Nonetheless, US Crude Oil has turned bearish again today after the retrace higher at the end of last week. US Crude Oil retraced to $55 last week, but it seems like the previous support has turned into resistance now and WTI crude oil is back to bearish.

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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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