Daily outlook of USOIL

USOIL the pair drop more than 8% on Friday , Strong production data reported this week by the Department of Energy, was likely the catalyst for the selloff although the general risk off trade also played a role, overall global demand is as strong as it has been in at least eight years,Data from China General Administration of Customs showed that China’s oil imports in January were the most in the world since 2010. technically currently the pair trading below the strong resistance level with downtrend pressure, we can see one more fall in the pair to test 56.10 level.