The general optimism seen on markets is giving further fuel to the rally in oil. There is growing confidence of a swift economic recovery after the Covid19 shock, sustained by central banks’ hyper expansive monetary policies, while the number of new coronavirus infections starts to slow down in many countries.
WTI price (July expiry) is playing with the level of $38 a barrel, while prices are in the middle of the gap left open in March, when a deal between OPEC+ was not reached and coronavirus lockdown started in Italy and other countries, causing a temporary collapse in demand.
Chief analyst at ActivTrades and technical analyst for Italian newspaper 'La Stampa'. Carlo Alberto provides regular commentary for UK outlets including the BBC, Telegraph, the Independent Bloomberg & Reuters. He is also a weekly commentator for CNBC Italy and a columnist for La Stampa. He worked for Bloomberg as their Equity Research Fundamental Analyst before joining brokerage ActivTrades in 2011 to specialize in currency markets and commodities. In 2014 he published a 250-pages book on gold and the gold market, followed in 2018 by a new updated edition.
© 2019 High Leverage FX - All Rights Reserved.
© 2019 High Leverage FX - All Rights Reserved.