FX.co ★ Crazy-Trader | CL/Crude Oil
CL/Crude Oil
CRUDE OIL PAIR ANALYSIS Global crude oil prices are still declining this week. Previously, prices had also fallen in the range of 74.00 - 73.00 per barrel. Tensions between US President D. Trump and OPEC + regarding prices have created uncertainty for consumers. On the other hand, the Energy Information Administration (EIA) reported that there was an increase in the amount of US crude oil production. This has depressed crude oil prices to almost reach the range of 72.00 per barrel. Basically, US sanctions against Russia for shipping in the Asian region can support crude oil prices. However, the rapidly increasing amount of production has actually burdened crude oil prices and may last in the medium term.
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