Oil bearish scenario
The oil price is on shaky ground and could easily fall below the four-year support zone. The price of oil would drop to $60.00. The announcement of the US-China, US-Canada-Mexico, and US-EU trade war will cause us to see a lower flow of goods globally, and therefore, we will see a decrease in the demand for oil. In such a scenario, oil will continue to fall to $50.00, where we were in January 2021.
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