Crude oil prices gapped and finished Monday 4.35% higher after Hamas’s attack on Israel generated potential supply disruption woes. Retail bets remain net-long. What are key levels to watch?
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.2023-10-09 08:00:39gapped higher at Monday’s open and closed the session 4.35% higher, marking the best single-day performance since early April. This followed weekend developments as Hamas attacked Israel, inflating supply disruption woes. According to Bloomberg, the outbreak “threatens to embroil both the US and Iran”.
In response, retail traders have been increasing upside exposure in crude oil as of late. This can be seen via IG Client Sentiment , which often functions as a contrarian indicator. With that in mind, while supply disruption fears may offer near-term support, increasingly bullish retail bets may serve as a bearish prospect for oil., about 73% of retail traders are net-long crude oil. Since most of them remain biased to the upside, this continues to hint that prices may fall down the road.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.a registered Introducing Broker with the Commodity Futures Trading Commission and is no longer a Member of the National Futures Association in the U.S. Any and all information provided by FXP is not intended for use by U.S. residents or individuals domiciled in the U.S.
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Global Crude Oil Prices Surge Amid Israel-Hamas ConflictI am a Breaking News Reporter at Forbes, with a focus on covering important tech policy and business news. Graduated from Columbia University with an MA in Business and Economics Journalism in 2019. Worked as a journalist in New Delhi, India from 2014 to 2018. Have a news tip? DMs are open on Twitter SiladityaRay or drop me an email at siladityaprotonmail.com.
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