OPEC & The West Battling Over Oil Price. Who Wins?

18 déc. 2022

OPEC (and non OPEC members) are battling with the West led by the US over oil price. While the West wants oil price to hover around 60/barrel, OPEC and other oil producing countries led by Russia and Saudi Arabia feel no one should dictate the price of their commodity...

With oil price now sitting on important support level, will the price breaks down to go lower OR there will be a reversal to and price start to move high?

Technically, bulls came into the market early last week; drove the price high but bears later joined the market and brought price a little down. Coming week(s), if more bulls came into the market, then oil price will likely go up. Otherwise, if bears are more prominent in the next 1 or 2 weeks, then we might witness more decline in oil price.


N.B
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