WTI with a decline of 3% for the day after Russia's comments

Russia has said it does not agree to deepen the decline in oil production at the December 5 OPEC meeting. This means that the market is likely to remain oversaturated in early 2020.

Since comments, oil continues to fall in price as the WTI is already down nearly 3% to $ 55.25 a barrel. The price has broken through with the body's short-term support, and the CCI indicator goes below 50. The price has also broken the Fibonacci 38.2, as well as the 50-period moving average.

It is important to keep track of how long this sale will actually be lasting and confirmed. The price of oil remains under the overall influence of the US-China negotiations as much as the relations between OPEC and Russia. The development of shale gas production in the United States will be key in the coming year. According to initial analyzes, the shale gas boom will be short-lived, speculating that wells are not as rich in reserves as they are thought to be. If the sector starts to stall strongly in the US, it could lead to a deficit.

And we are at the end of the year, according to seasonal patterns, this is the weakest period for oil.

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