Today, during the Asian session, oil prices are growing moderately, continuing to develop the “bullish” momentum formed yesterday. The instrument also retreats from its local lows since October 21, 2019, which were renewed as a result of a five-day last week’s decline.
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North American WTI Crude Oil continues to decline, reaching 22% of the maximum recorded on January 8. Commodity Futures Trading Commission data show a decrease in speculative positions in crude oil by 46.7K, which is expected against the increasing risk of falling energy demand due to the Chinese coronavirus.
Today, during the Asian session, oil prices are falling slightly, showing a negative gap at the opening of trading for the new week and renewing local lows from October 23, 2019.
This week, oil is trading within a steady "bearish" trend. Yesterday and today, there has been minimal growth amid declining US stocks. Technically, a downward correction occurs, while fundamental factors indicate a further fall in the instrument.
Today, during the Asian session, oil prices continue to decline, renewing local lows since the beginning of December 2019.