Two Things to Know About Crude Oil Today

Crude oil is fundamentally supported as one of the biggest oil producers Saudi Arabia plans to cut its crude oil exports in April...


It’s just like another normal Monday as the financial instruments are consolidating in strict ranges. Same is the case with crude oil. It’s been trading sideways in the tight trading range of $57.90-$55. Let’s discuss two things you should know about crude oil today.

WTI crude oil is fundamentally supported as one of the biggest oil producers Saudi Arabia plans to cut its crude oil exports in April. The initial estimate is to cut the output below 7 million barrels per day (bpd), while keeping its production “well below” 10 million bpd. Saudi Arabia is doing so to control the supply with an ultimate objective of supporting the falling oil prices.

Secondly, the technical outlook is a bit neutral but highly depends upon the violation of a narrow trading range of $58-$55. The 100 periods EMA is suggesting a bullish trend. The relative strength index also supports the same bullish bias.

For the moment, the idea is to trade sideways by selling at the top around $58 and buying above the lower edge of the trading range at $55.

Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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