Trump twitted that he had talked with both Saudi Arabia and Russia, and they agreed to cut production 10 million barrels per day. The oil price surged on the news. However, think that the news would only provide support for oil price and confirmed that 20 might be the bottom. Since potential jobless is still ahead and demand remains weak, it might take a longer time for the downward trend to reverse. Would set a short term take profit level at 27.5, which is the 20 days EMA resist.
They have not agreed to anything as of yet, trump hopes that they reach an agreement. But I think sooner or later some news will come about an agreement.
eddy121384
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@hariss24, yup, was misled by Trump again... thanks for correction