Micro WTI Crude Oil - Aug 2023 (MCL2308) - To The Moon

MCL2308 (Micro WTI Crude Oil - Aug 2023)

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The recent rise in crude oil prices can be explained as a fluctuation from the low levels.Why did crude oil experience a bottom bounce?This is because low oil prices were stimulated by three major factors, leading to consecutive two weeks of price increases and breaking through the long-term downtrend and the MA 200 (moving average 200).OPEC+ continued production cuts.The rate hike is coming to an end after July FOMC.An important meeting in China that opened up possibilities for future economic growth.During the June OPEC+ meeting, Saudi Arabia voluntarily cut an additional 1 million barrels per day, which was a rare and significant reduction, the largest in years. 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