Crude Oil Prices In Focus Amid Fears of Falling Demand
Oil Price Forecast:US Crude Oil inventories fall by 3.2 million barrels
Price action stalls amid fresh lockdown restrictions, sparking concerns around future demand
CCI harbors on overbought territoryGlobal lockdown restrictions continue to weigh on crude oil as a surge in Covid-19 cases have resulted in fresh lockdown measures throughout Europe and China, placing pressure on the demand for Oil and other commodities.Visit the DailyFX Educational Center to discover why news events are Key to Forex Fundamental AnalysisMeanwhile, according to this week’s EIA (Energy Information Administration) report, US crude inventories fell by 3.2 million barrels in the week ending 8 Jan 2020, concluding the fifth consecutive week of drawdowns in stockpiles. Despite the negative corr...