Long list of oil support: risk on, technical, inventory, Mid East, China,

oil demand 10 May 2024 id 3378a769 6fe3 45b0 8788 41d3f6a0eaf1 size975

A note from ANZ outlines a number of factors supporting the price, which inched a little higher on Thursday:

risk on tonetechnicals100-day moving average helped stem the flow of selling in WTI, nine-day relative strength index also showing the recent selloff was overdonesentiment buoyed by this week’s US inventory report, stockpiles fell according to EIA dataongoing tensions in the Middle EastChina’s crude oil imports rose 5.5% y/y on strong gains in road and air trafficRestocking ahead of the northern summer driving season and increased export quota for oil products

I stuck those indies on the chart, you can do the same here:

This article was originally published by a www.forexlive.com

Read it HERE


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