Opinion: Oil’s rally isn’t over yet

Put down that chart and look around you.

West Texas Intermediate crude suffered its sharpest fall in three months Tuesday, slumping as much as 5.5 percent after the contract slipped below its 200-day moving average for the first time in a year – a negative signal for technical analysts. Brent did the same thing on the choppier 50-day moving average.

When combined with some supply-happy words from Saudi Arabia’s energy minister and expectations of a substantial inventory build in the U.S., that action was enough for many to conclude the rally is dead…

 

Click Here For Remainder of Article 

Posted in: Opinion

About the Author:

Post a Comment