Crude plunges as talk of OPEC oil output cut rejected

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Within the space of a couple of minutes today and less than 15 minutes before the release of US official oil stocks data, both oil contracts jumped by about $1 before giving back their entire gains and more as the session wore on. Bullish oil speculators must have felt like victims of a pump-and-dump scam, but crude is notoriously headline-driven and this should serve as a warning for what’s to come over the next few days. First, prices were driven higher on a report that suggested the

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