Crude oil prices edged lower on Monday in meager volume due to the Martin Luther King day holiday in the United States. Prices remain off last week's
Crude oil prices edged lower on Monday in meager volume due to the Martin Luther King day holiday in the United States. Prices remain off last week’s $53.15 peak and comfortably above last week’s low at $50.71. Saudi Arabia’s oil minister said that the agreed supply cut of major crude producers may not have to be extended after June, as compliance is strong and demand is weakening.
Resistance is seen near the 10-day moving average at 52.63, while support is seen near the January lows at $50.71. Momentum remains negative as the MACD (moving average convergence divergence) index prints in the red with a downward sloping trajectory which points to lower prices for crude.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
