Stronger Dollar pressures oil bulls; Euro softens ahead of ECB

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It was a choppy trading session for oil markets as prices initially rose roughly 1% on Wednesday morning before later surrendering all gains to shed -0.6% as of writing.

Although bulls are finding support from a sharp drop in US crude stockpiles, gains are being limited by an appreciating Dollar and reports of OPEC cutting its forecast for oil demand in 2020. Oil could still recover in the near term thanks to the improving market mood and speculation around OPEC+ extending production cuts. However, the upside is bound to face numerous obstacles down the road.

The dynamic influencing oil… Read More:

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