Friday , May 7 2021

Is the oil markets rotated around?



Oil

Despite the lowest level of one year in the week, crude oil showed signs of stabilization. This is probably the initial indication that sales can be the worst. With crude oil, the perception of the reduction in production by OPEC and its allies is affecting sentiment.

Crude oil

US West Texas Intermediate Crude Oil Futures is currently in a position to post at the bottom of the potential bullish technical closing price reversal on the weekly chart. The help of a chart pattern is a quick reversal of Thursday on the reverse of the daily chart. Industry sources said that Russia accepted the need to cut production before its meeting in Vienna on 6-7 December with the OECC.

In the beginning of the week, after the worst financial crisis in 2008, crude oil took place in its one-month biggest one-month announcement in November, which has fallen by almost 22% so far. Mainly the United States and Saudi Arabia are increasing this month's price.

Russia changes its tune

US Crude oil fell below $ 50 for the first time in a year, the news reported that Russia would consider OPEC and other manufacturers to cut output. This has led to technical reversal of markets.

The reaction by traders to news about Russia was mainly driven by a short cover, however, it is a good sign that purchases could be more than sales …

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