Saudi Arabia and Russia, two of the world's largest oil producers, have decided to extend cuts to their oil production to support oil prices and boost income. This move comes despite weakened demand due to the sluggish economy.
The week started badly for oil
2019-11-11 • Updated
SELL 52.20; TP 51.60; SL 52.40
WTI oil formed a “dark cloud cover” pattern on D1 near the downtrend resistance line. Yesterday’s candlestick was also bearish with a longer upper wick - a sign that sellers are in control of the market. Today the price opened with a bearish gap. It has topped above 53.00 and is once again testing levels below the 200-week MA at 52.60. Last week oil managed to close above this line, so we won’t have big downside targets, but a decline to 51.60 in the short-term looks quite possible.
Notice that to trade WTI, you need to choose WTI-19N in your MetaTrader.
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