Tuesday, November 13, 2018

USOIL - 13 November 2018


Fundamental Highlights

The US oil prices fell by 1$ in early morning session after Trump called for lower prices. The tweet came after Saudi Arabia's energy minister said that OPEC and its allies may need to scale back production by about 1 million barrels per day. The US President's latest attempt to influence the cartel's decision may keep the pressure on the black gold postponing the recovery in prices and extending the 11th day streak in red.

Technical Analysis

After trying to break above the $61 level, oil prices broke to the downside and this time breaking the $59 level. The price is currently hovering just above the $59.01 support level but can not seem to pick up a bullish momentum even though over sold conditions are there. We will be focusing on the $57.87 support level before we expect a moderate recovery in prices.

Support: 60.67 / 59.01
Resistance: 62.04 / 63.50

Chart (H4)