Donald Trump: "Thanks for cheap oil, but let's go lower!"

Donald Trump expressed his satisfaction at the low oil prices, praising Saudi Arabia for helping to lower the raw material.

"Crude oil prices are falling. Great! like a mass tax reform, but all over the world," Trump said on Twitter, suggesting a larger drop would help big consumer countries lower fuel prices.

"Thanks to Saudi Arabia, but let's take down the prices more!" - added Trump to Twitter.

It is precisely on this that the traders will focus in the coming weeks when we expect the US oil inventories and a number of statements from CA. and OPEC. Expectations are Saudi Arabia to boycott the plans to reduce the yield, which in turn will lower prices further.

Technically, the price of WTI successfully met the double peak and reached a support zone formed by previous tops from the end of 2016. At the same time, however, we have a very strong fall in the price that managed to overcome the main trend line and 61.8% Fibonacci correction of the main trend. From here I expect a slight rebound in the upward direction, which will provide a good opportunity for positioning with short on the already new downward trend. Transactions from current levels are characterized as high risk.

Source: Financial Times

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