Oil Extends Losses on Rising U.S. Inventories and Trade Tension
Oil extended losses after a surprise jump in American crude inventories alleviated concerns over a supply crunch, while the demand outlook remained bleak as there was no let up in U.S.-China tensions.
Futures in New York fell as much as 1% after tumbling 2.7% on Wednesday, the biggest drop in almost three weeks. American stockpiles rose by 4.7 million barrels to the highest level since mid-2017 last week despite expectations for a drop, while fuel inventories also climbed
Short positions below 61.30 with 60.30 & 60.00 as targets
Long position above 61.80 with 62.20 as target
AUD/USD Forex Technical Analysis – Weakens Under .6864, Strengthens Over .6900
The Australian Dollar is drifting lower on Thursday as lingering U.S.-China trade fears continued to weigh on investor sentiment. Investors are also fearing heightened volatility and a “risk-off” trading session due to Brexit concerns, the start of European parliamentary elections and the release of key manufacturing and services data from the Euro Zone.
Short positions below 0.6900 with 0.6770 as target
Long position above 0.6900 with 0.6967 as target
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