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FXStreet (Barcelona) - With oil maintaining its range even after evidence of slowing production, Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes technically oil prices appear to have bottomed.
Key Quotes
“Oil prices have traded in relatively tight ranges over the last week; above their 100‐day moving averages and sustaining last week’s rally.”
“Yesterday’s U.S. inventory data saw a further build in inventories; however the oil bearish impact of this was offset by ongoing evidence that production is slowing.”
“Technically, oil appears to have bottomed and fundamentals are beginning to support this as well.”
