Crude Oil Sell Off Puts Former Best Asset Within Whisper of Bear Market HNI CALLS WITH SURE SHOT(CALL@8218995526/8218997961)

WEEKLY CRUDE OIL UPDATE ::

This week’s move in crude to six-month lows were backed by multiple negative shifts in narratives underlying the oil market. A key development that caused additionally selling later in the week was news that OPEC output jumped to the highest levels since 2016, which pushed the futures spreads of the December 2018 – December 2019 WTI contract to negative, which has wiped a lot of underlying buying pressure.

Adding to the concern of ‘too much supply’ is the news that the U.S. has agreed to let eight countries — including Japan, India, and South Korea to keep buying Iranian oil after it reinstates sanctions on Nov. 5. China has all along said they’d be a buyer. This news helps to explain why crude has experienced its biggest loss since February.

REGARDS,

TECHNICAL DEPARTMENT

TRADE MAX INDIA

WWW.TRADEMAXINDIA.COM

CALL@8218995526/8218997961)

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