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Oil trades flat after sharp sell-off on Wednesday

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic are trading in the sideways manner after sharp losses in the previous session left prices oversold on Technical charts.

    At the time writing, Brent futures were marginally up around USD 46.70/barrel. WTI oil futures were largely unchanged on the day around USD 42.90/barrel.

    Brent prices are down more than 3% this week after a 4% fall last week. Consequently, technical demand due to oversold conditions appears to support prices today. Signs of a slowdown in the Asia's two biggest economies have triggered concern that demand shortfall could be much higher than anticipated earlier.

    The oil traders now await the weekly inventory data from the US Energy Information Administration due later today.
    For more information, read our latest forex news.

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