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The price is heading to the $20 support level despite of OPEC+ 's agreement to cut the production.
Take a look at the chart for further details.
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Traders! if you like my...
In the previous analysis, we mentioned that an irregular correction labeled ABC may appear on the oil price chart. Since then, wave C has ended and the price of oil has started to fall. As a result, the irregular correction may have ended, which in turn may lead to a new downward impulse.
Therefore, the area of USD 28.20 remains an important resistance point and...
Headlines
• Crude Retraces Some Losses in Asia Finishing Higher
• US Energy Giant Exxon to Cut Capital Spending by 30% Heading into 2020
• S&P Lowers Australia’s Sovereign Rating to Negative as They Expect Country to Enter Recession
Occasionally, news can give us an indication on which Elliot Wave we are undergoing and according to Trump (whether true or not the algos surely acted), that Russia/Saudi's have agreed on a cut of 10 million barrels.
This likely confirms a wave 4 corrective up upwards that will linger for the next 2 to 3 weeks overall, to roughly the 40 dollar range where there...
Headlines
• China Beats Expectations Posting Expansion in its Manufacturing PMI Data for March
• Shell Pulls Out of Lake Charles LNG Proposed Project as Expenditures are Cut
• Crude Surges During Asian Session Up 5% as Oil Recovers in Asia
Headlines
• EIA Data Shows Build in Crude Inventories By 1.623 Million Barrels for the Week
• SNOC Announces Slight Delay in Madani 1 Project as Virus Slows Progress
• Gasoline Surges 25% Pushing Above the 0.50 Handle
Headlines
• Exxon Cuts its Refinery Production in Baton Rouge as Demand Falls
• Equities Regain Some of Yesterday’s Losses as Energy Leads the Way
• Disappointing Finds Sees TOTAL & Exxon Abandon Deepwater Field in Mexico
Headlines
• COT Report Shows Cut in Long Gasoline Positions for Managed Money
• RBOB Gasoline Prices Continue Plunge Down Below 0.55 Handle
• US Futures Down as Congress Fails to Agree to Further Aid
Headlines
• US Energy Sector Sees a Huge Fall, Down -50% in Just 1 Month
• Markets Plunge a Shocking -12% as Economies Begin to Slowdown Amidst Virus
• G7 Meetings See Leaders Push for Any Measure in Order to Combat Falling Prices
