The additional voluntary cuts oil | 12 Mei 2020

12 Mei 2020, GBP/USD

The additional voluntary cuts oil

GBPUSD trading plan:

We are expecting a bullish rally in the oil market, which will have a positive impact on the value of the British currency. Oil futures rose boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the COVID-19 pandemic crushed fuel demand. The United Arab Emirates and Kuwait committed to cut production by another 180,000 bpd in total. Kazakhstan has also ordered producers in large and mid-sized oil fields including Tengiz and Kashagan to cut oil output by around 22% in the May to June period.

Trading recommendation: Buy 1.2310 and take profit 1.2366.

David Johnson
Analyst of «FreshForex» company
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