Oil prices slip amid renewed supply and demand concerns

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

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