Oil prices soar, remains untouched by global pessimism   


23 June 2020 : Oil gained over 10% last week despite the rising coronavirus cases in China and the United States.


Prices seem to be rising higher on-demand optimism and commitment by OPEC+ to rebalance Oil markets, especially members who overproduced in April. Regardless of the current gains, the path of least resistance remains south. With the core fundamental themes weighing on market sentiment still present, the current rebound on Oil could be nothing more than a dead cat bounce. Looking at the technical picture, WTI Crude has broken above $40 and may challenge $42 in the short term.


Source: Lukman Otunuga, Senior Research Analyst at FXTM.


Reporting for EasyKobo on Tuesday ,23 June 2020 in Lagos, Nigeria


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