The wave of trade protectionism and the unexpected increase in production by the oil-producing countries alliance formed a "double blow", coupled with the shadow of economic recession, the global commodity market collectively fell into risk aversion mode. The unexpected increase in crude oil inventories announced by the U.S. Energy Information Administration (EIA) on Wednesday was 6.2 million barrels (expected to decrease by 2.1 million barrels), further exacerbating market concerns about the imbalance between supply and demand. The oil-producing countries alliance implemented the production increase plan ahead of schedule, and the daily supply in May will increase by 411,000 barrels. KPMG Energy Director Angie Gildia pointed out that this move coincided with the deterioration of demand prospects. "The market originally expected OPEC+ to suspend production increases due to economic uncertainty, but the result was counterproductive." Crude oil weekly level included a large negative line, breaking the bottom of the previous shock range, bringing oil prices to a new low in nearly four years. The bearish trend may continue, and considering rebounding shorting first.
It is expected that today's oil prices will trade between the support level of $59.0/barrel and the resistance level of $64.8/barrel. If the oil price breaks above 63.5-64.8 USD/barrel, it will stop the expected bearish trend and push the oil price to regain the main bullish trend.
Crude oil plan: short at the rebound resistance of 60.5-61.5, target at 59.0-58.2, stop loss at 62.3, otherwise consider going long at the falling support.
Trading is risky, control your position reasonably.
If you don't know when to enter the market and your trading has been bad, follow me, and the real-time and accurate signals will be released every day on the Baker Bitcoin Gold Trading Center or leave me a message. Let's move towards victory together.
USOIL USOIL USOIL
It is expected that today's oil prices will trade between the support level of $59.0/barrel and the resistance level of $64.8/barrel. If the oil price breaks above 63.5-64.8 USD/barrel, it will stop the expected bearish trend and push the oil price to regain the main bullish trend.
Crude oil plan: short at the rebound resistance of 60.5-61.5, target at 59.0-58.2, stop loss at 62.3, otherwise consider going long at the falling support.
Trading is risky, control your position reasonably.
If you don't know when to enter the market and your trading has been bad, follow me, and the real-time and accurate signals will be released every day on the Baker Bitcoin Gold Trading Center or leave me a message. Let's move towards victory together.
USOIL USOIL USOIL 
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Signal entry: t.me/FcCygjylf
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
✔Copy accurate trading signals✔Manage accounts🎁Stable profit of more than 210.8% per week🎁Success rate is as high as 98.55%, real-time communication: t.me/cryptoanalyst_baker
Signal entry: t.me/FcCygjylf
Signal entry: t.me/FcCygjylf
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.