Crude Oil Price Finds Bid After Huge Selloff Forex commodities oil
On the other hand, if we were to break down below the bottom of the candlestick for the trading session, then it could open up fresh selling as crude oil could go looking towards the $87.50 level, perhaps even down to the $85 level. The $85 level has been important more than once, so I think it is essentially the “floor in the market” as things stand right now.
The market will probably be just as noisy as the other ones, but at this point you cannot read too much into short-term moves. The longer-term trajectory of course is to the upside, so you do not want to try to short this market anytime soon. That being said, if we do break down below the $85 level, it might be open season on crude oil going forward. That seems to be very unlikely, but it is something that you need to be aware of.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WTI Crude Oil Forecast: Market Continues to Take OffThe West Texas Intermediate Crude Oil market rallied rather significantly on Friday to put the $90 level in the rearview mirror.
Read more »
WTI Crude Oil to push higher towards $94 and $95.30WTI Crude Oil bulls are accumulating energy for a new surge. As FXStreet’s Analyst Yohay Elam notes, the trend remains to the upside, eyeing $91.80 (r
Read more »
Crude Oil Futures: Still scope for further correctionCME Group’s preliminary readings for crude oil futures markets noted traders added around 8.4K contracts to their open interest positions on Tuesday,
Read more »
Canadian police seize fuel, remove oil tanker; court silences protesters' hornsWARNING: STRONG LANGUAGE - Police in Canada's capital said they are cracking down on fuel and funding to end an 11-day protest against COVID-19 measures, while a judge granted an interim injunction against deafening honking that has irked residents
Read more »
Oil Giant BP Swings to Huge Profit as Soaring Commodity Prices Drive Up EarningsThe British energy major posted full-year underlying replacement cost profit, used as a proxy for net profit, of $12.8 billion.
Read more »
Sen. Dan Sullivan discusses Ukraine, dependence on foreign oilU.S. Sen. Dan Sullivan, R-Alaska, said this week he agrees with President Joe Biden’s call not to put U.S. combat troops in Ukraine to deter a possible Russian invasion.
Read more »