14 August 2019 : Oil bulls wasted no time in shifting to a higher gear on Tuesday following the Trump administration’s unexpected pull-back from a hardline stance on Chinese trade.

Oil prices have scope to push higher as easing trade tensions reduce fears over slowing global growth and faltering demand for Crude. The improving market mood should also support WTI Crude with prices trading around $56.35 as of writing.  The daily close above $56.50 should encourage a move higher towards $57.43.

Source: FXTM Senior Research Analyst, Lukman Otunuga

Reporting for EasyKobo on Wednesday , 14 August 2019 in Lagos, Nigeria