Oil Traders Cautious
In addition to the easing of Iranian sanctions, oil traders are cautious due to a potential slowdown in the global economy. On Monday, the International Monetary Fund said that growth is slowing in the euro area, Japan and the United Kingdom.
Furthermore, trade wars could put the global economy into deeper risk territory.
“Oil’s sell-off is a continuation of the downward move that began earlier this month when the market realized that the supply of crude is set to rise,” said Fawad Razaqzada, a technical analyst at Forex.com.
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