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OIL Keep on Descending

on 2021-12-01
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Oil moved from 71.167 to 64.407 yesterday. 

According to the WHO, the new Covid 19 variant “Omicron” is spreading far more faster than others.

Omicron could spreading everywhere around world in case if not preventing on time, according to WHO. If so, the oil price might have another huge drop.

OPEC+ hosted the meeting to decide whether to release the Oil into the market or reduce the supply while the price is descending and the concern on the Omicron might also slow down the growth of the world.

In November, Brent dropped 16.4% while WTI downed 20.8% which the most monthly drop since March 2020. Louise Dickson, senior analyst at Rystad Energy stated “The thread on oil demand is true, there could be a drop of 3 Mil. barrels per day for Q1 of 2022”.

 According to current market condition, the price might has another drop from 67.322 to 53.557 per barrel, while the increasing might low.

 Investors should short in between 69.00 to 70.00 with the suitable take profit and stop loss function. 

Analyzed by: Mr. Long Samnang
Business Manager of Golden FX Link Capital

Disclaimer:
Golden FX Link Capital Co., Ltd. endeavors to ensure the accuracy and completeness of this research report. However, as the market is subject to change, the Company and our subsidiaries do not guarantee its completeness and accuracy, and the information is for reference only. Any person shall not regard such information as Golden FX Link Capital Co., Ltd. on leveraged foreign exchange, precious metals, stocks, and other financial products to provide real quotes, suggestions, solicitation, and inducement of investment. Guests should be aware of the risks involved in the investment, the volatility of the investment market, and the risk of loss can be very big, guests must carefully consider their own financial situation and investment purposes, to decide the direction of investment and the kind of investment products that are suitable for their owns.