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FxWirePro: WTI bulls aim to retest 2018 peak

On the back of easier monetary policies from major central banks around the world including the Federal Reserve and the European Central Bank (ECB), and geopolitical tensions in the Middle East, oil bulls are aiming to push the price higher.

Though the fundamental supply/demand scenario currently favors the bears. According to the International Energy Agency’s (IEA) global oil supply has exceeded demand in the first half of 2019 and by as much as 0.9 million barrels per day.

Despite the supply/demand gap, which is expected to decline in the second half of the year, the easy monetary policy and Iran-America tensions could actually push price higher.

Trade idea:

Calculations at FxWirePro suggests that the bulls are currently aiming to extend the recovery that began after oil price dropped around $50 per barrel and target a retest of $75 per barrel. The price is currently trading at $59.6 per barrel.

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