Saudis cutting production and limiting oil supply like its nobody's business. On the other hand, the US is producing and exporting oil like its the Saudis business. USA is set to surpass major oil pruducers and claim the number 1 spot.
Look for how it affects oil prices going forward.
So far, resistance stated a few weeks ago still holds. the large influx in trading volume could be traders leveraging oil production cut news. It could also be large dumps of oil inventories in anticipation of lower prices in the near future. Bias is still to the downside given previous steep fall in prices and strong price resistance at 57$
Look for how it affects oil prices going forward.
So far, resistance stated a few weeks ago still holds. the large influx in trading volume could be traders leveraging oil production cut news. It could also be large dumps of oil inventories in anticipation of lower prices in the near future. Bias is still to the downside given previous steep fall in prices and strong price resistance at 57$
