Forex News May 14, 2022

 

Oil

Oil has now reached a new high for the week. This is the third consecutive week of gains.

The oil market’s resilience this week is astounding.

Nonetheless, oil is poised to gain for the third week in a row. The previous week’s close was $109.77, and it is currently trading at $110.16. The $110 level is also significant because it is close to the late-April interim high and the pennant that it formed.

The demand side is clearly hampered right now, and this will worsen. Nonetheless, the market remains buoyant. The only nagging concern is that some major players in the EU or Asia may be aggressively stockpiling.

Russia has talked a big game, but people have realised that they can’t keep delivering oil.

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EDGE-FOREX 

#edgeforex #forex #forextrading #forexsignals #eu #sanctions #oil #highs #ecb #stock #markets #gdp #growth 

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