The latest news affecting the oil price on international markets is a mix of geopolitics and supply side politics. After the Iraqi PM resigned yesterday the price dropped sharply with around 4%. The geopolitical situation between the US and China previously had oil prices ranging and investors anxiously watching the oil chart for a sign of future movement. And yesterday seems to have provided that sign.
Every oil chart analysis right now should also keep in mind the coming OPEC+ where a production cut is very likely. But will that cut be enough to provide any sort of impetus to bulls?
Earlier in the week the news to affect the crude oil price chart came from the US-China relations with the Trump administration passing the Hong Kong bill. This bill will have Hong Kong’s special trade status reviewed by the US State Department every year from now on. Naturally, this has put an additional strain on the trade relations with China, as well as on relations between Hong Kong and the US.
How will this reflect on the oil price in December 2019 of course still remains to be seen. Although less likely, the bullish scenario in the oil price technical analysis at the moment gives experts room to speculate that there is a chance for the oil price in 2019 to still bypass the September high of $59.45. This could very well be the case if the bullish oil price analysis is proven right and we see an increase beyond the $58.80 monthly high.
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