Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation.
Crude oil prices are commonly measured in USD. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken. Analyse the daily chart and clearly show a retrace to fib.
The production will also extend to Nigeria and Libya this time as previously exempt Strong trend line which has proven to hold many times in the past, I am hoping for a retest. A possible fake breakout, and a buying opportunity back to the highs and beyond. USOIL is meandering in an upward sloping channel. If support channel holds, look higher possibly towards It looks like we have finished sube-wave 3 of 3 and just started sub-wave 4 of 3 , so it looks short for now, but it's long on the medium and long term.
Price complete Bat pattern and retest previous structure. Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Light Crude Oil Futures. Near term crude outlook. It is contrarian approach but I will go short. All Details on chart. There's a developing wave 3 of 3. Show More Ideas 1 2 3 4 5 From the creators of MultiCharts. Select market data provided by ICE Data services.More...