Scraping the barrel
The resumption of the trade war will be detrimental to oil prices over the long term. Still, with demand devastation plumbing the depths, any signs of re-balancing – either through economic re-openings or additional forced or agreed upon supply cuts – should ultimately be views s
WTI nears the weekly top after breaking the short-term resistance line, now support.
A sustained run-up could aim to fill the March month’s gap.
50% Fibonacci retracement, 200-HMA restrict near-term declines.
Having breached a three-day-old falling trend line, WTI remains positive around $30.00 ami
Each of equities indices, bonds and the US dollar rallied to start the week, save for oil prices which continued their battering. Is it a sign of a bottom, or quarter-end rebalancing? The Australian dollar was the top performer while the Canadian dollar lagged. China's official PMIs are due up next.
Oil 1hr chart just breakout the down trendline as risk assets all over the world rising up. More than that oil price have been pushed from speculating investor who speculate that the OPEC+ meeting at the end of this week will result in positive way, OPEC + Russia agree to extent crude oil out put cu
According to advanced figures for Crude Oil futures from CME Group, traders added around 46.8K contracts to their open interest positions on Monday, reaching the second build in a row. Volume followed suit, up for the third consecutive session, now by nearly 111.4K contracts.
WTI likely to breach $5