Crude Oil Short. The development of the last two weeks on the market of petroleum products was marked by the dictates of OPEC and possibility of reduction in production. On the contrary, Russia and other countries associated with it producing this black gold are hearing about the increase in extraction. Currently, the market is getting a year-on-year upward resistance line, from which CA analysts expect a correction wave. The coronavirus crisis and its effects on the population are yet to come, and this must be taken into account in the long term. The published analysis is with a limit condition. Significant worsening of the pandemic in Britain, further intervention in air transport, closure of Germany. Analytical expectations of an EU-wide blockade make sense for the publication of a Short Analysis on Light Sweet Crude Oil. For now, the time schedule corresponds to one week.
Chart and table source: WebTrader