WTI Cash (or Spot) Contract forum
Why is opec keep increasing the production
As it keeps pushing the prices down.
Means less profit for them??
Crude oil has fluctuated and broken down today. After the bulls rose and tested the resistance level of 62.0, the oil price broke down and was under pressure. The market will focus on whether the shorts will continue. Henry believes that the oil price is under pressure again and there is a probability of testing the previous low again. Today, we consider rebounding short selling first, supplemented by low long selling. Pay attention to the resistance of 61.5-62.5 US dollars above and the support of 60.0-59.0 US dollars below. If the oil price breaks through 61.5 US dollars/barrel, it will stop the expected bearish trend and push the oil price to regain the main shock trend.
It is expected that today's oil price will be traded between the support level of 59.0 US dollars/barrel and the resistance level of 61.8 US dollars/barrel.

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