Action to temper oil costs who will win Trump or OPEC
Crude oil Technical analysis
last week Trump announced that US will not be renewing or extending oil waivers they had granted to eight counties allowing them to continue purchasing Iranian oil in reduced quantities despite U.S. sanctions.
Looking at the developments in the futures market, as of the end of the 23rd day, no significant change is seen, and the situation is relatively balanced.
Trump announced will be a major topic of discussion at the OPEC meeting on May 19.
OPEC has another meeting scheduled in Vienna, Austria on June 25, when the participating nations will discuss whether or not they will extend their prior agreement to slash OPEC producers’ output by 1.2 million b/d to continue past the end of June. The current agreement, set to expire at the end of June, allows an exception to production cuts for Iran, as well as Venezuela and Libya.
but at the end of last week – on Friday crude oil futures plunged on concerns over supply, The move was fueled by comments from President Trump who said he told OPEC to take action to temper fuel costs.
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| crude oil chart analysis |
I wrote the last post: Does
the violence that oil has experienced in the past two months come back like a
boomerang?
yes, we got it - what next?
it all starts here: Oil is crashing - The marks
were on the wall
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| oil analysis |
Crude oil Technical analysis
Short term trend has changed to bearish and 63.50-63.80 $ oil price level became resistance level, we need to watch on 61.80+_ price area that may become short resistance area or support level If 61.80 $ will break down break then we will see 59.30+_ or even 58 $ price, while crossing up and stay above 63.50 $ price level will send crude oil to cope with the 68-69 $ and even 73$ _ price level, Stay below 58 $ levels will show us that this was just a correction for the big journey down oil experience since 76$ and crude oil prices could back to lowers again
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| oil price analysis |
This review does not including any document and / or file attached to it as an advice or recommendation to buy / sell securities and / or other advice
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