USOIL 26th MAY 2022
The United States government said US crude stockpiles fell by one million barrels last week, with gasoline inventories also falling slightly. The oil and gas commodity did not budge after volatile trade as fears of tight supply offset concerns over a possible recession and China's Covid-19 restrictions. World oil prices turned negative after US Energy Secretary Jennifer Granholm said President Joe Biden had not ruled out using export restrictions to reduce soaring domestic fuel prices. This makes world oil prices tend to be sideways, this is my USOIL trading plan.
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