OPEC has an agreement with Russia, tomorrow april 10th they will be seeing America.
The MACD is not in favor of the bulltrend tho.
I'm carefully expecting a trend reversal to the bearish side, but buying if we go over the 18.3ish mark.
The MACD is not in favor of the bulltrend tho.
I'm carefully expecting a trend reversal to the bearish side, but buying if we go over the 18.3ish mark.
A reduction of 10mil barrels/day produced, where the average is 80mil barrels/day.
This means a drop of -12,5%, where the demand has plummeted way more:
-50% diesel, -70% gasoline & -90% jet fuel
=> not exact, just a guess based on local numbers where I'm from.
Conclusion: crude price will decrease(nothing outrageous) and so will oil stocks(magnified since stock traders were expecting a better deal), expect the downtrend.