WTI – Breakout lower imminent by Milan Cutkovic

  • WTI is consolidating within a descending triangle formation
  • Oil has been able to hold above $79.40 so far, but breakout seems imminent
  • Strong USD the main driver currently
  • Only thing that could boost oil prices in the near-term is an agreement within the OPEC to reduce production
  • Saudi-Arabia currently seems more worried about maintaining market share rather than preventing a further decline in prices

Oil

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