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Crude Oil Under Pressure as OPEC Fails to Cut Output

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Crude oil prices continued to slide overnight, forming new lows not seen since early August, as concerns over a supply imbalance weighed upon the commodity. There continues to be mounting evidence that the oil glut is here for the long term as OPEC waivers on any consensus to cut production. WTI Crude oil futures were hit relatively hard overnight as an EIA report demonstrated a further 1.18m barrel build in inventories. Despite significant declines m/m in the rig count, there seems to be no

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