Crude oil
Crude oil prices are trading flat at the start of the European session, hovering just above $71 a barrel. Data released on Wednesday showed a sharp increase in US crude inventories last week, indicating a decline in consumption. At the same time, concerns over the fallout from the US-China trade conflict—potentially leading to lower future demand—are also exerting downward pressure on oil prices. Adding to the bearish sentiment, OPEC+ representatives confirmed on Wednesday that the cartel intends to end voluntary output restrictions by April. Against this backdrop, oil prices are likely to remain under pressure.
Ricardo Evangelista – Senior Analyst, ActivTrades
Source: ActivTrader
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