OIL TICKS MILDLY LOWER AHEAD OF THE POWELL’S SPEECH: 16 JUNE |FOREX RECOMMENDATIONS
Crude oil is trading mildly lower at $37.12 per barrel, down by 0.44% owing to the concerns of second wave of coronavirus. This is after world’s top most consumers of oil America, India registered record fresh cases in past few days and are showing no signs of lowering down. The concerns of new infections are weighing on crude demand, and are dragging the crude prices lower. In addition, oil appears to be sobering up to gloomy forecasts of economy ahead of the Powell speech lined in this week. While, inventors are anticipating that he could possibly highlight downbeat views on US economy after Fed’s recent grim statement. However, losses remain under check tracking the positive cues from equity market. This is after investors’ cheered the Fed’s plan to re-start its bond-buying program on Tuesday in the secondary market. The program is a part of its emergency measures to restore economy from the demand destruction wrought by pandemic. Talking about previous session, after declini