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Oil Markets Remain Flat Despite Concerns Of Demand Slowdown

Posted On 08 Jul 2020
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wti crude oil

Crude oil prices continue to trade softly with prices holding on above the 40.00 handle. But price action is now challenging the rising trend line from below.

A breakout above this trend line will confirm a further upside in oil prices.

The next main target is seen at the 42.00 handle. To the downside, failure to breakout might keep price action subdued.

We could see some consolidation taking place near the 40.00 handle.

But a close below this level could open the oil markets towards a stronger correction lower.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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