Crude oil price suffers sharp losses – Analysis - 02-12-2019
Economies.com
2019-12-02 05:51AM UTC
Crude oil price settles near 56.00 level after the strong decline in last Friday, after the news that issued from OBEC that denies the production cut in the upcoming period, which put the price under a negative pressure that we expect to push the trading to test 54.60 level initially.
Therefore, the bearish bias will be preferred on the intraday basis, and breaking the targeted level will extend Crude oil losses to reach 51.80 levels, pointing that breaching 57.40 will stop the current negative pressure and leads the price to recover again.
The expected trading range for today is between 54.00 support and 57.40 resistance.
The expected trend for today: Bearish
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