Crude oil trades below 79.00 on increased supply [Video]
|Crude has dropped almost 10% from high to low since it peaked around 85.50 one month ago. Technically speaking this market is still bullish trading above the 76 level (Sept. 2011 lows - Oct. 2018 highs).
Added to this prices are ripping on high inflation and an increase in demand after the Pandemic safety measures. Short term, the 79.30 level is capping the upside (previous broken lows) after price dropped on news the US is flooding the market with 50M barrels in the next few months to decrease gasoline prices.
The OPEC declined to join them on increasing their output.
Watch this video to understand my rationale for a short term short in this market.
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