The Crude oil price looks to be in something similar to a free fall at the moment. Currently trading at $51.58, is this just the start, or will there be some joy for the bulls – watch our oil price analysis and share your oil price forecast in the comments.
Oil price in August 2019 is headed towards the record books as one of the worst months for crude and Brent oil. And we’re not even halfway through the month! WTI is headed toward the $50 oil support level and crude oil trading is experiencing some of the most severe volatility in years.
Commenting with an oil price update right now is risky, as it’s constantly changing but we decided to have a quick look at the oil chart and try to make sense of what’s happening.
From a fundamental perspective it appears the trade war between the U.S. and China is having a larger impact than usual, as we seem to be the farthest away from a resolution, as we have ever been. China has devalued its currency in the last several days, after President Trump announced fresh tariffs. Combined with a 0.25% rate cut from the FED, oil prices started sliding and reached to about $53.8. A small retracement to the oil resistance levels at $56 was made, but it’s been downhill ever since.
An oil chart analysis right now looks pretty bleak for bulls, with support level after support level being breached.
Watch as we identify the new levels to watch for the oil price and the factors that will continue to influence its price in the coming weeks.
Give us a thumbs up if you liked this crude oil analysis and make sure to subscribe to the capital.com channel for more coverage of the oil price in 2019.
#OilPrice
#OilChart
#CrudeOil
***
Follow David Jones and Capital.com on:
Facebook:
Twitter:
Linkedin:
***
Explore trading and start investing with Capital.com.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.8% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.