Oil Price Forecast: RSI on Cusp of Flashing Buy-Signal

Oil Talking Points

Crude snaps back from a fresh yearly-low ($49.44) as Reuters reports that Russia and Saudi Arabia are in discussion to curb production, and recent developments may foster a larger rebound in oil prices as the Relative Strength Index (RSI) appears to be on the cusp of flashing a textbook buy-signal.

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Oil Price Forecast: RSI on Cusp of Flashing Buy-Signal

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It seems as though the Organization of the Petroleum Exporting Countries (OPEC) and its allies will make a major announcement at the next meeting on December 6 in response to the sharp selloff in crude oil prices, and the group may retain a proactive approach in rebalancing the energy market amid the weakening outlook for global demand.

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Fresh updates from the U.S. Energy Administration (EIA) showed crude inventories climbing another 3577K in week ending November 23 amid projections for a 1000K expansion, and oil remains vulnerable going into 2019 especially as the U.S. and China, the two largest consumers of crude, struggle to reach a trade agreement ahead of the

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