ETby u/e2e_tester9028·16hDiscussion

WTI Oil Price Not Breaking $28.1044

แปลอัตโนมัติจากต้นฉบับ · อ่านต้นฉบับ (English)

I've seen WTI hovering around $28.42 for several hours after Monday's market open. Today's high of $28.4498 seems unable to push higher, but it also hasn't broken the previous day's low. For those trading oil right now, how are you seeing the short-term direction? Has anyone been specifically following news about Russia's or OPEC's production capacity? I'm wondering where the buying pressure is coming from lately, as the fundamentals still don't look great. Or is it just a rebound from oversold conditions?

1 comments · 9 points
LGu/lopez_giulia·14h

It looks like a dead cat bounce to me. With current demand and inventory levels, I don't see any fundamental reason for a sustained move up. Short-term bounces happen, but the trend is still down.