Oil prices benefit from weaker greenback
Oil has benefited from the recent dollar decline, with both UKOil (Brent) and USOil (WTI) CFDs moving into the neutral areas between their blue bands (green rectangles). However, the supply shock pressures caused by Russia's invasion of Ukraine in February this year persist. In addition, President Biden's visit to Saudi Arabia failed to secure a deal to boost production. Thus, the moves on a relative basis may be a bullish development on these fundamentals, but the price will need to maintain these positions.
Russell Shor
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.
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