WTI

Delayed Quote. Delayed  - 08/07 04:44:59 pm
41.53USD -1.21%

The immobility persists

09/12/2019 | 11:48am
Initiating a technical rebound since the beginning of the month, oil prices suddenly dropped on contact with relevant graphical elements, weighted by the reversal of Donald Trump’s position against Téran. The President of the United States would consider easing American sanctions against Iran, also anticipating the departure of his national security adviser, who was in favour of a hard line against Téran, John Bolton. >
Paradoxically, the many consecutive declines in weekly oil stocks recorded in the United States seem to point to a healthier oil market environment. Nevertheless, it is important to take into account the effects of the significant decline in US crude oil imports, particularly those from Saudi Arabia, at its lowest level since the EIA compiled these data on a weekly basis since 2010.>
Graphically, in daily data, WTI prices fluctuate horizontally between 53 and 58 USD. Indecision persists, as does the grouping of the different daily moving averages. It will thus be necessary to leave this zone of lateralisation in order to regain a more open dynamic. Our priority scenario remains a downward exit, which would free up potential for a decline in the direction of 45 USD.

Jordan Dufee
MarketScreener.com 2020
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