Crude Oil Futures are up for a fourth consecutive week. Higher prices tempt producers but demand uncertainty lingers, David Chambers from Charles Schwab reports.
“Reopening economies around the world will likely prove very difficult, so the volatility in oil prices may be far from over. Fears of a second wave linger.”
“If oil prices continue to stabilize, producers in the U.S. and OPEC+ may find it difficult to avoid the temptation of re-opening the spigots. Global oil shipping rates have been ticking down which may hint at a moderation in the supply glut.”
“Thursday’s RSI above 70 may have hinted at overbought conditions, confirmed by Friday morning’s selloff which brought the RSI reading down to near 50.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.