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Crude extends rally; US oil inventories eyed

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Although higher today, oil prices are still stuck between a rock and a hard place. On the one hand, the consistent falls in US rig counts and the prospects of a production freeze between Russia and the OPEC point to a tighter oil market, while on the other hand, US oil inventories continue to climb to fresh record levels, which is obviously not a good sign. Consequently, some traders are happy to be buying the dips while others are trying to sell the rips as they take advantage of range-bound

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