crude oil prices rebound after crash tonight
Failed Doha deal A few examiners had called this the most vital oil meeting in decades.
It was broadly expected that the meeting would end without an assertation
crude Oil prices costs hopped a week ago, with WTI achieving a year-to-date high above $40 per barrel, after features crossed that OPEC heavyweight Saudi Arabia and Russia had consented to stop generation
And just after the futures market opened tonight, West Texas Intermediate crude fell 6% to as low as $39.02 per barrel
Oil prices jumped last week, with crude oil prices reaching a year-to-date high, after headlines crossed that OPEC heavyweight Saudi Arabia and Russia had agreed to freeze production
European files are likewise exchanging level at the season of composing after beginning plunge. US stock prospects likewise indicate only a marginally bring down open
We can’t be bearish unless oil breaks through 37.40 to attest the pessimism showing up over greater time spans and until this happens, we will be neutral with an option for another bullish run to 44 area
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| CRUDE OIL |
from the technical side on the crude oil price :If we will look on the usdcad we can see that he has not success to go up above 1.2960 ,if 1.2830 will break down again and today bar will closed those level it will be assign for more downside on the usdcad to 1.24-1.25 levels as I mention my last post
From other currency sides like audusd , we see also the same pattern as the usdcad there are open gap down and now move above the Friday close price= it’s a bullish sign for the commodity ,and it will effect on the crude oil
If we will look on the COT data we see also that the position are more bullish = net long on the crude oil prices
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| CRUDE OIL |
Let’s test the crude oil with all the other relevant information and we can see there is more room for going up follows strong moves by the expectation,
don’t surprise if we will see crude oil running over the last record, if oil will move more than that we need to expect even stronger moves the other side for downtrend is break down 36.70 area
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