I am just summarising the subject here and looking at the bigger picture.
Oil Price = SUPPLY vs DEMAND
Major / Longer Term Fundamentals ( Which can not be changed by daily news/manipulations )
Supply:
1.OPEC cuts production. Russia is not so eager to meet OPEC cut target. See the latest Reuters News: Russian oil output down in October, but misses OPEC deal target https://reut.rs/2NbHRPC 2. Sanction to Iran and Venezuela... ( Remember, Russia is in Venezuela now ) 3. Potential China- Iran Oil agreement
Demand:
Lack of Demand... WTO, IMF, IEA even OPEC lowers Global Growth and Global Oil Demand forecasts.
Near Term Fundamentals and questions :
1.Trade Wars: If there is a real deal to be done: Who guarantees the deal to be held? Is this potential deal gonna help an increase the Global Oil demand? If yes, how? 2. Talking about the Supply, even a Dron attack to the World's one of the biggest oil supply facilities could not send the prices above 62 $. 3. ARAMCO IPO: Reuters " Saudi Arabia’s Crown Prince Mohammed bin Salman on Friday agreed that the initial public offering of state oil giant Aramco will be announced on Sunday, five sources familiar with the matter told Reuters."... It is understandable that the Saudi Family and their partner Mr. Trump will try to send prices higher. On the other side, higher oil prices may help inflation in the US. But, above 60 $ is SOS. 4. Bubbles in Indices and Oil ...so prices may go up a bit more
Technically:
Summary: Upside is capped. The downside is the black hole. Wait for the breakout of the bearish flag.
Bubbles everywhere.
Smaller Charts - Shorter Term: Two patterns are about to be completed. I will post them.