RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Oil prices are edging higher this morning following a two percent dip yesterday amidst yet another increase in corona cases as well heightened US- China tensions, despite more sustained weakness in the US Dollar as the Dollar Index moves to its lowest level since 2018. A rise US inventories have also weighed on prices as US production has increased to a new six week high amid lower fuel demand, according to the EIA. Oil demand outlook appears to be faltering in the short term as geopolitical tensions have increased trade risks and new cases have outweighed any reopening momentum. The market remains bullish trend with today’s range seen between 39.61 – 42.28.

Crude Oil sep ’20 Daily Chart
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Alexander Turro

Market Strategist
Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.
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