1. Friday Close >10MA > 20MA > 50MA
2. Create a Higher High for recently one year period.
3. OPEC agree to have a production limited control.
4. Russia agree OPEC's new direction, and might join OPEC.
5. India and China' physical demand is still high
6. Hedge fund turning from short position to long position.
7. Weekly chart show 3 white man.
1. OPEC production still climbing record high.
2. Nigeria production and export figure recovery after leakage.
3. Not yet final confirm the product quota guide line for every member of OPEC. Still someway to go.
4. 54 is a big pressure while starting to drop price since one year ago.
UPDATE 2-Hedge funds turn most bullish on U.S. crude in over two years
ENERGY | Mon Oct 10, 2016 | 9:00pm EDT
RPT-COLUMN-Saudi Arabia squeezes hedge funds with bearish bets on oil: Kemp
Money Managers' net long position in Brent+WTI
Source: US Commodity Futures Trading Commission, ICE Future Eruope@JKempEnergy
Money managers' long and short position in the three main crude oil futures and options contract (millions barrels) (NYMEX WTI, ICE WTI, and ICE Brent)
Surce: CME Group, ICE Future Europe@JKempEnergy