The renewed optimism seen in the last couple of days on markets has pulled the oil price up, with both the WTI July and August contracts above $38. Investors are betting that – even in the negative scenario of a second wave – there will not be further massive closures of economies or lockdown. Despite the surprising build in US oil inventories seen yesterday, the price quickly recovered strength confirming that so far buyers are still strong enough to contain selling impulses.
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.
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© 2019 High Leverage FX - All Rights Reserved.