Oil price retreats on Wednesday as the market expects a rise in export from Middle East. Meanwhile, worries about China’s economy also pushed down the demand of oil.
Iran’s representative in OPEC said that Teheran will not agree with any policy to freeze production and the discussion about production adjustment must wait until the oil price stabilized.
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Eko Trijuni has been trading forex full time since 2005. He is now the Head Market Analyst for FOREXimf.com. His specialty is technical analysis.