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13.05.202112:05 Forex Analysis & Reviews: Oil to suffer serious setbacks in the coming months

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The International Energy Agency (IEA) has lowered global oil demand this year to 270 kbpd.

US demand will decrease by 320 bpd, while demand in Europe and India will slip by 515 and 630 bpd, respectively.

This means that oil reserves will increase once again, which is not really a good news for the market.

To add to that, US stocks nearly doubled their forecasts yesterday, all because of growing unemployment in the country.

All this happened when oil is at its highest price - $ 67 per barrel.

Traders did not enter the oil market for obvious reasons, but they peddled on other tools directly related to it.

USD / CAD:

Now, USD/CAD is extremely overbought, which opens good opportunities to open positions in the market.

Best of luck and have a nice trading day!

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