WTI oil prices were softer on Monday after Iraq asked for exemption from OPEC supply cut, which could lead to other countries requesting exemptions.
WTI oil prices were softer on Monday after Iraq asked for exemption from OPEC supply cut, which could lead to other countries requesting exemptions. Prices pushed down to support near last week’s lows at 49.60. Resistance is seen near the 10-day moving average at 50.79. Traders await Tuesday inventory report from the American Petroleum Institute.
Momentum on crude oil prices has turned negative as the MACD (moving average convergence divergence) index generated a sell signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses below the 9-day moving average of the spread. The index moved from positive to negative territory confirming the sell signal. The index is printing in the red with a downward sloping trajectory which points to lower prices.
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.