Oil prices are slipping this morning as non-farm payrolls reported an increase of 1.763 million in July with the unemployment rate falling to 10.2%. This comes amidst a resurgence in corona cases threatening demand recovery as well as an expected increase in production from Saudi Arabia and Russia weighing on prices. Notwithstanding, support has been garnered by strong Chinese oil imports and lower weekly floating storage numbers. The market is looking ahead to a potential new stimulus deal, which in turn, would be supportive of fuel demand.  The US Dollar has continued to lend support as it continues to be devalued. The market is appearing to hold on to a weekly gain of over 3% with back to back weekly declines in stockpiles. Oil remains bullish trend with today’s range seen between 39.75 – 42.65.

Crude Oil Sep ’20 Daily Chart
800-438-4805312-373-5484Series 3 Licensed

Alex Turro

Senior 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.

Read More