Oil prices are being torn in half, with several bearish and bullish elements in the balance. Although Oil started the week on the back foot, it is possibly on track to minimize the incurred losses for this week and might even be flat overall by Friday’s close.
Oil prices edge higher for the third straight day on Friday. Traders see both bearish and bullish elements in the mix, which could see Oil prices close off this week flat. The US Dollar Index trades above 104.00 after its steep decline on Thursday. The question will be how much front running will take place this summer ahead of the initial interest rate cut by the US Federal Reserve expected in September and assumptions that demand will boom on the back of that.
refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
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