Friday’s Technical Analysis: (USO)

WTI Crude Oil closed lower Thursday.

The low range close set the stage for a steady to lower open Friday on .

Stochastics and the RSI are Neutral indicating that sideways trading is possible near term.

WTI Crude Oil needs to close above the May high crossing or below the May low crossing to confirm a breakout of its 3 month trading range and point the direction of the next move, North or South. Position: Neutral

 

Crude Oil’s collapse is largely attributed to lower global demand, which was accompanied by more production from the Organization of the Petroleum Exporting Countries (). members, seeking to defend their market share of a highly oversupplied Crude Oil market, have engaged in a ‘price ware.”

West Texas Intermediate (WTI), also known as WTI Crude Oil or Texas light sweet, is a grade of Crude Oil used as a benchmark in Oil pricing.

This grade is described as light because of its relatively low density, and sweet because of its low sulfur content.

Crude Oil is the underlying commodity of Exchange’s COMEX Oil futures contracts.

The price of Crude Oil is often referenced in news reports on , alongside the price of Brent Crude (OIL) from the .

Other important Oil markers include the Dubai Crude, Oman Crude, oil and the OPEC Reference Basket.

WTI Crude Oil is lighter and sweeter than , and considerably lighter and sweeter than Dubai or Oman.

Stay tuned…

Tags

 
 
 
 

Enjoy this site? Please spread the word :)

RSS
EMAIL
SHARE