USOIL prices are down over 2% at $51.20, extending a correction from yesterday’s four-session high at $52.52. The decline was in line with a slide in global stock markets amid persisting concerns about the global economy and trade tensions and then extended on the latest OPEC production report, which showed that production had fallen by the most in two years.
Production declined by 751,000 bpd in December, principally on the back of Saudi Arabia production cuts of 468,000 bpd. This is the most significant cut since early 2017. However, the issue of oversupply remains, as production for December from OPEC was 31.58 MILLION bpd.
The psychological $50.00 level sits at S3 and the key 20-day moving average down at $48.50.
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Production declined by 751,000 bpd in December, principally on the back of Saudi Arabia production cuts of 468,000 bpd. This is the most significant cut since early 2017. However, the issue of oversupply remains, as production for December from OPEC was 31.58 MILLION bpd.
The psychological $50.00 level sits at S3 and the key 20-day moving average down at $48.50.
Join us today - www.hotforex.co...account-sv.html?mcid=10116...
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.