zacattack posted: Hi everyone! I'm new here. I am also interested in anything to do with OIL.
WTI / Brent / OIL CFDs.
Hope to be able to learn from you guys!
Hello, glad to see that there is this kind of thread about oil. If you are looking for something that has a relation with oil, you can read this one: https://www.funds-money.com/brent-oil/ it is all about Brent oil. I enjoyed reading it because it gave me at least a gist on what would happen this 2017, especially after Donald Trump's victory.
Trading with commodities will always be 'a shot to the ground,' oil and gold are a clear example, and we all know that both are very profitable. Since crude oil trading is allowed online, the oil market has changed completely. And I love that! 😉
Oil futures on NYMEX started a corrective slide after refreshing its daily high at $53.60 amid OPEC news and a stronger greenback. At the moment WTI is down 0.49% at $53.07.
According to news agency Bloomberg, Iraq stays ready to cut its output during the second half of the year in case OPEC decides to extend the deal clinched in late December. Sources also cited that Iraq believes the oil cartel will likely need to extend the output cuts beyond the original date. Although WTI was able to close Friday in the positive area despite another rise in the number of oil rigs in the United States, it has ended the week with a weekly loss of about 1.5%. The US oil rig count rose by seven to 609 this week, according to oilfield-services giant Baker Hughes. Increasing production levels in the United States continue to put a cap on how high oil can go.
To the upside, daily high at $53.60 could be the first technical resistance followed by $54 (psychological level) and $55.40 (static level). Supports are aligned at $53 (psychological level), $52.70 (Feb. 16 low) and $52.20/00 area (horizontal level/psychological level).
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