Weekly Oil Update

April looked very promising. The price of the black gold was advancing higher and we broke few major resistances. On Wednesday something snapped. The price fell sharply and in one day erased almost whole April upswing! What was the trigger and what was the general reason of that panic selling?

First let us start with the trigger. For that we do have two factors, one major and one minor. Minor factor is that the USD is a bit stronger yesterday and the second one – major was the data about Crude Oil Inventories. This came as expected but looking a bit deeper, on US Gasoline Inventories, we...

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