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The west texas intermediate crude oil market has pulled back during the trading session on friday, reaching down towards the 200 day ema just below. Ultimately, this is a market that looks likely to see a lot of reaction to the us dollar. If the us dollar has strengthened, that will work against the value of the crude oil market.
on the other hand, the risk-on market sentiment, backed by hopes of new covid-19 treatment, also gave crude oil traders confidence and helped the oil prices to remain bullish. In the meantime, the fresh weakening of the broad-based us dollar, triggered by the upbeat market sentiment, also impressed the oil bulls and kept the oil prices on the upside.
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