Crude oil prices are moving lower on the back of the crude inventory data, which came out yesterday. The data has weakened the current trend further as oil prices were already suffering due to demand concerns. Rising coronavirus cases in India are spooking investors and calling into question whether travel will resume as anticipated.
The recent price decline is creating interesting trade opportunities for commodity traders, especially those interested in taking advantage of an upcoming recovery.
European futures are trading higher as traders pick up momentum from Wall Street, where we saw the Dow Jones index posting some strong gains. It seems like traders are taking every retracement in the stock market as an opportunity to jump back in or double down on their riskier bets. US stock futures remain marginally lower in Europe's early morning.
