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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (44510)	6/5/2018 1:41:16 PM
From: Goose94	Read Replies (1) \| Respond to of 202903

Crude Oil: Pessimism is back in the oil market, at least for now, on rising expectations that OPEC and Russia will hike production. WTI dipped below its 100-day moving average this week, breaking technical resistance to lower prices. “We are breaking key levels of support now,” Phillip Streible, analyst at RJO Futures, told Reuters. “Once we started taking out $65.50 or so, it really started to accelerate. People are not really believing that the rally will continue,” he said. According to Bloomberg, the U.S. government has asked Saudi Arabia to boost oil production by 1 million barrels per day. The request would be unusual, but not surprising since high gasoline prices are always a political threat to the party in power. It does not seem that Saudi Arabia and Russia have reached an agreement yet, but the two countries are considering several options for an increase in production.