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Crude Oil Analysis: USOIL and Saudi Aramco Base Oil Test Significant Lows
Anticipated declines in demand and increased supply statistics have implied bearish pressures over oil charts. U.S Crude Oil inventories reported a positive change of 7.3 million barrels yesterday, while major oil exporters continue to disregard OPEC’s agreed upon supply cut quota. Amidst these market dynamics: • Saudi Aramco Base Oil is trading near its yearly lows. • USOIL is trading nearly halfway down its yearly trend. The latest downturn in Saudi Aramco’s chart is testing the 0.382 Fibonacci retracement level of the chart’s uptrend trajectory since December 2022 at 146.6. A further downward movement is ... (full story)