Crude Oil Holding the New Range Higher Up
Crude Oil started the yer on a really bearish footing and it crashed in April close to $ -40, but came back from the abyss and was quite bullish in the first few months. The uptrend slowed in summer and at some point Oil was trading in a range between $ 41.50 and $ 43.50 until the end of August.
Then the range shifted lower, with the top at the previous low around $ 41.50. In the beginning of November WTI crude Oil fell close to $ 33, as the USD turned bullish before the US elections. But, the USD sellers returned and the sentiment improved after the vaccine news, which turned crude Oil bullish again.
Buyers pushed the price higher to $ 46 and crude Oil has formed a new range with the bottom at around $ 44.50. Yesterday we heard rumours form Saudi Arabia that they are tired of running the OPEC cartel from trying to hold everyone in line with production quotas. Quotas are keeping the Oil market up, otherwise with the economic slowdown Oil prices would be quite bearish. But, Oil is holding the gains, keeping within the new range.
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