Where is the price of oil going after a drop of over $12 in just 6 days?


Despite the fact that Saudi Arabia recently decided voluntarily to continue with the curtailment of oil production, the price of oil began to fall.
On Thursday, September 28th, USOil reached levels of $95.01, then followed a decline, with the price falling to $82.66 currently (Thursday in the middle of the American session). The fall from over $12 USD comes after more than 5 weeks of growth in the price of oil.
The reasons for the drop in oil are the sharp decrease in demand, as well as the EIA report, which showed an increase in stocks.
Analysts from world-signals.com predict a continuation of the decline to $78 levels and a normalization of the market around $80 in the middle of this month.

On the picture: How much fossil fuel does humanity produce in just one year? For scale, the tallest skyscraper in the world, the Burj Khalifa, is given.

Trade with the best technical and fundamental analysis

Follow us in Telegram


Leave a Reply

Your email address will not be published. Required fields are marked *