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The post-election rally in U. USO have given traders very few opportunities for meaningful moves. It may be that oil traders are simply watching and waiting for now until the next major oil catalyst comes along.
President Donald Trump has pledged to lower corporate taxes and remove environmentally-friendly regulations that have been holding back U. Trump has repeatedly said that he opposes the Iran nuclear agreement that lifted sanctions on one of the top global oil producers.
If sanctions on Iran are reinstated, it would theoretically be good news for U. However, Iran could also choose to flood the market with oil in the near-term while it still can, which could lead to downward pressure for oil prices in coming months.
When the market is undecided about a commodity like oil, geopolitical headlines can always help traders make up their minds in a hurry. Perhaps the most important thing for oil traders to watch is global and national supply, demand, and production numbers.
According to the International Energy Agency, global oil supplies fell by 1. Roughly 1 million of those 1.
The EIA recently reported a weekly jump in crude oil inventories of Oil traders will be watching for any future data points for hints at where crude prices could be headed next. Finally, traders know that charts can be excellent predictors of upcoming headlines and market numbers.
This article is provided for educational purposes only and is not considered to be a recommendation or endorsement of any trading strategy. The author is not affiliated with Lightspeed Trading and the content and perspective is solely attributed to the author.
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