Technical Analysis:
US OIL is trying to reach towards draw on liquidity towards 71.431. If we see price swiping liquidity and giving us MSS on 1H tf we can look for longs in USOIL. If price don't hold around this zone we might see price heading towards 70.
Fundamentals:
Oil prices edge lower on persistent concerns over China's demand outlook and growing expectations that OPEC and its allies will gradually increase supply starting from October. Brent crude is down 0.4% to $76.63 a barrel, while WTI is down 0.3% to $73.31 a barrel. The latest Chinese PMI data showed manufacturing activity contracted for a fourth consecutive month in August, pointing to continued weakness in the world's top crude importer. Meanwhile, some analysts are saying production losses in Libya could leave OPEC+ members space to reintroduce some barrels into the market. "Given lingering demand concerns there had been a growing part of the market who thought the group would delay any supply increases," ING analysts say in a note to clients. Now, "the group may believe that supply disruptions from Libya provide an opportunity to increase supply."
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