Oil prices fell on Wednesday, amid renewed concerns over demand improvement. The catalyst behind the weakness is the fear that retaliation by the United States against China for its decision to implement national security laws on Hong Kong will lead to lower demand. Also reports that Russia plans to start easing oil production cuts after the end of June also weighed on investors moods. The Bloomberg report, which cites unnamed sources familiar with Moscow’s position on the cuts, is contrary with a Reuters report, which also cited unnamed people familiar with the Russian position, who said Moscow was in fact considering an extension of the current cuts.
OIL (OIL.WTI) is currently testing uptrend line which is additionally strengthened by 200 MA (green line). If current sentiment prevails, then the price may test the $31.02 support level. Source: xStation5
Oil prices surge to $105 as bond market sell off could wipe out UK Chancellor’s fiscal headroom
AI trade ignores inflation risks, as ECB set to hike, investors ponder Apple’s latest iPhone
📊Morning Wrap: Hawkish Bank of Japan and Trump's Promises Electrify Markets Ahead of PPI Data
Daily summary: Wall Street falls as oil prices rise 🚩 10-year Treasury yields hit their highest level since 2023
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.