Thursday, July 12, 2018

US OIL - 12 July 2018

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Highlights
The price of crude oil plummeted last night with price down reaching $70 per barrel as the combination of USD strength and trade war fears grabbed the market amid news of better supply prospects near term. Crude oil inventories fell by 12.6M barrels versus an estimated 4.1M barrels and still it did not stop the price from plunging more.

Technical Analysis
Technically, the price broke the bull flag to the downside reaching $70 per barrel with extreme oversold conditions. A pullback towards the $72 support zone is most likely to happen as to ease these conditions before we can see another selloff breaching below the $70 per barrel.

USOIL 12/7/2018

 
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