Crude oil prices dipped lower on Friday and edge up on Monday as investors react to the news of talks between Saudi oil minister with his Venezuelan and
Crude oil prices dipped lower on Friday and edge up on Monday as investors react to the news of talks between Saudi oil minister with his Venezuelan and Kazakh counterparts on Sunday regarding the possible extension to cut global oil supplies beyond March 2018.
Oilfield services firm Baker Hughes in its report said: “its weekly count of oil rigs operating in the United States declined by 3 to 756.
Technical View
Crude oil prices have formed a “Megaphone chart pattern” as prices failed to hold above the resistance line at $ 49.50 and above the 200-day moving average prices at $50. It’s likely that crude oil prices will make their third attempt and retest leading towards $ 47.50. Additional support holds at $ 46.60 which is slope support line.
WTI Crude Oil Daily Chart
Indication: on the daily chart, the 50-day moving average crossed the long term 100-day moving average at $47.40, indicating bullish momentum.