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Flurry the Bearish News sends oil lower



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US. West Texas Intermediate and International Benchmark Brent crude futures are trading lower Friday, threatening to erase this week's earnings just one day after markets reached a four-month high. The price action is driven by uncertainty about domestic and global economic growth in terms of future demand. Despite concerns, the market continues to be supported by OPEC's supply cuts and US sanctions against Iran and Venezuela.

On Thursday, WTI and Brent crude reached new highs for the year, but both showed little ̵

1; up when they defeated the high of the day before. In fact, both were closed, which indicated the sale, possibly higher than the purchase at the current price level. The price action also indicated that investors are unwilling to buy strength at the current level.

If investors do not have enough confidence to buy starch, they usually have to wait for a catalyst. You've probably gotten tired of the tale of "OPEC-led production cuts that shore up the market" and you probably want to hear positive news about the progress of US-China trade talks.

Until you receive these messages, we are & # 39; There are likely to be a lot of backing and finning in the charts as bullish investors are more cautious about chasing the market higher, and would most likely invest in breaks rather than in strength.

Renewed concern over demand [19659004] Worries …


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