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WTI Crude Oil Price Analysis. In a world shifting towards virtual meetings, OPEC and their allies are joining the movement in hosting a virtual meeting on Monday to discuss production cuts., bouncing by as much as 50% on news that OPEC and their allies have agreed to discuss moderating production in the effort of buoying prices. Previously, prices were in a hard sell-off both supply and demand concerns were pushing prices lower.
NUR-SULTAN, Kazakhstan – Due to low world oil prices, Kazakhstan has reduced its planned oil production for this year to 86 million tonnes, National Economy Minister Ruslan Dalenov said. “Against the backdrop of low prices, the forecast for oil production is reduced by four million tonnes to 86 million tonnes,” Dalenov told at government meeting. Oil price forecast for 2020, 2021, 2022 and 2023. Crude oil predictions and projections. Price trend by month. Detailed forecast table. Crude oil Brent price forecast for next months and years. The price is in US Dollar per 1 oil barrell.
The demand side of the equation still looks meager; but the supply part of the equation may get some help in the week ahead.From Worst to First – Hard Bearish Trend Finds Support at $20 And Bounces AggressivelyIt’s been an extreme show of volatility in Oil prices of recent, and that looks set to continue as OPEC and their allies will hold a virtual meeting on Monday to discuss production cuts. Making matters more interesting and contributing to this week’s massive show of volatility were hints from Russia indicating that Vladimir Putin would be open to cuts of around 10 million barrels-per-day. In early-March, Russia had rebuffed the prospect of cuts and that combined with demand concerns sent Oil prices reeling to 18-year-lows.In total, the month of March saw WTI fall by as much as 60%, from a high of 48.64 to a low of 19.29; and for the year of 2020, that loss has been as large as 71% from the January high of 65.62. The $20 level, however, did appear to help cauterize support this week as buyers held the line a couple of different times upon tests around that level. WTI Crude Oil Daily Price ChartChart prepared by;The trend began to flip in the latter-portion of this week as President Trump indicated that both in the range of 10-15 million barrels per day.
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Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.FX Publications Inc (dba DailyFX) is registered with the Commodities Futures Trading Commission as a Guaranteed Introducing Broker and is a member of the National Futures Association (ID# 0517400).
Registered Address: 32 Old Slip, Suite 803; New York, NY 10005. FX Publications Inc is a subsidiary of IG US Holdings, Inc (a company registered in Delaware under number 4456365).
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