has decided to ease its fuel export ban, initially implemented to stabilize the domestic market. This move is expected to alleviate pressure on crude oil prices.
The economic unrest in China, the world's top crude importer is affecting sentiment regarding the demand for Crude oil. However, the latest macro data suggested economic stabilization, which could provide minor support for the liquid gold. Despite the decrease in rig count, there is an expectation that higher oil prices will drive an increase in US crude oil production.
Market caution and upbeat US Treasury yields are underpinning the strength of the US Dollar , which is putting pressure on the West Texas Intermediate oil prices. trims its intraday gains and reverses from the highest level since November. However, it continues to trade higher around 106.00 by the press time.
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Source: FXStreetNews - 🏆 14. / 72 Read more »