Harris has abandoned the fracking ban. Trump’s chances of winning have increased, emphasizing low energy costs. Libya may resume oil production. Concerns about the Chinese economy are rising. OPEC has agreed to halt production increases but plans to continue in December. Oil demand is unlikely to recover in the next two months, limiting bullish prospects for oil prices. Overall, the oil price remains in a bearish trend. Tonight’s employment data could slightly benefit oil prices if favorable, but could negatively impact them if poor. The strategy should focus on breakout following.

WTI Crude Oil Market Outlook

Sep 06 2024