Oil declined for the second day in a row, reversing down from its 200-day moving average for the third time this month. An OPEC+ meeting is scheduled for this weekend with enough potential to break the tie. Oil's upward trend that started in December stopped in April with an impressive 12% correction.
ALX LEADS YOUTH UNEMPLOYMENT CHARGE WITH ACCESSIBLE, AWARD-WINNING TECH EDUCATIONUpsides of Social Media MarketingOil declined for the second day in a row, reversing down from its 200-day moving average for the third time this month. An OPEC+ meeting is scheduled for this weekend with enough potential to break the tie.
Technically, the failure to develop a rise above the 200-day average is a sign that the bears are in control. The same is evidenced by the 50-day average above price and reversing downward during May. In 2014, Saudi Arabia, the leader of the cartel that provides the largest voluntary production cuts, had already surprised the world by suddenly expressing support for lifting the restrictions, which set off oil price wars.
So far, there is little sign that Saudi Arabia or Russia will return to the practice of oil wars. Nevertheless, for a rather fragile market, even a signal that no further cuts are expected and that the agreed quotas will be gradually raised could be a sufficient reason to sell off.
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