as informed in
CRUDE OIL – Technical Analysis: Whether or not Crude Oil is correcting a downtrend or beginning a new rise to 2017 highs is the key questions.
Talking Points:In a divorce from typical correlations, both US Dollar via the DXY and Crude Oil have found life at the end of Q1 17.
In addition to the erratic end of month order flow, it’s worth keeping an eye on the headlines for Crude Oil, which have recently touted initial support from OPEC members to extend the cut.
Recent changes in sentiment warn that the current Oil – US Crude price trend may soon reverse higher despite the fact traders remain net-long.
The number of traders net-long is 12.0% lower than yesterday and 9.5% lower from last week, while the number of traders net-short is 23.2% higher than yesterday and 7.3% higher from last week.
as mentioned in
Oil hits 3-week highs as OPEC deal extension seen likely
Brent crude oil settled up 54 cents, or about 1 percent, to $52.96 a barrel after hitting $53.10.
[EIA/S]OPEC agreed to reduce oil production by 1.2 million barrels per day during the first six months of the year.
U.S. crude settled up 84 cents, or 1.7 percent, higher at $50.35 a barrel, after touching $50.47.
REUTERS/Nerijus Adomaitis/File PhotoBy Devika Krishna KumarNEW YORK (Reuters) – Oil prices jumped for a third day on Thursday to their highest in three weeks after Kuwait backed an extension of OPEC production cuts to reduce a global glut.
Other oil exporters outside OPEC, including Russia, have also gradually reined in production.
collected by :Jack Alex