Crude oil
Crude oil prices edged higher in early Tuesday trading, though gains were modest, keeping prices near to where they have been over the last few sessions, just below the $70 per barrel mark. Traders are focused on the upcoming OPEC+ meeting later this week, where an extension of production cuts until April is widely anticipated. But, beyond these voluntary output cuts, bullish factors remain limited. On the other hand, headwinds include sluggish global demand, weak economic growth in China— the world’s largest oil importer—and improving peace prospects in the Middle East, which are easing fears of a potential supply shock. Against this backdrop, prices are likely to hover near current levels, with the possibility of further declines given the bearish outlook.
Ricardo Evangelista – Senior Analyst, ActivTrades
Source: ActivTrader
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