Monthly change: XBRUSD -3.15%
Oil prices rose in January due to the U.S. oil inventories continuing to descend towards the five-year average. The rebalancing of the oil market continues despite the rising coronavirus cases since late 2020. According to the U.S. Energy Information Administration, inventories have fallen in 24 of the last 30 weeks. As a result, oil reserves are now 6% higher than the pre-pandemic average for the five-year 2015-2019 period compared with a surplus of 14% at the end of June.
The XBRUSD pair has traded in the price range of 54.80 and 56.04 for the last two weeks and declined on Friday. Investors have concerns about lockdowns in Europe, which could hinder demand recovery caused the decline.
The bullish trend is prevailing in the oil market, but it needs more triggers to continue growth. Perhaps it will be the decision of OPEC+ quotas on 3 February.
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