Is US OIL PRICE gaining strength? | What will US oil FORECAST reveal? | Market Outlook 12/Dec/ 2023
Traders' attention has shifted somewhat away from gold this week, with the focus possibly falling back on oil. The price of American light oil (symbol 'USOIL') could move up to around $75 after hitting a seemingly strong support. A stronger than expected NFP, the possibility of the Fed holding the funds rate at the current 5.25-5.5% for longer than recently assumed and increasing net positions of commercial traders are all factors in view for traders of oil. The critical data in the next few days are American inflation on Tuesday, with the headline annual figure expected to decline slightly to 3.1%, and the press conference of the Federal Reserve on Wednesday night GMT.
Read EXNESS Broker Review December 13, 2023 at 07:19PM Exness
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