Oil selloff could have been worse after Doha failure

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Oil sold off on Doha disappointment, but selloff could have been steeper Rebalancing of the oil market is well under way, with US production falling Strike hits Kuwait production, lends some support to beleagured oil prices Prices could drop back to low $30s if Saudi Arabia fights Iran for market share Net long position reached new record last week, contango collapsed Watch $37.50/b on WTI and $40 Brent; break below could mean deeper downside The oil markets reacted negatively today to the

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