Crude Oil CL monthly demand has gained control after months of dropping quite strongly. Monthly demand level around 48 has been reached after having a beating for three consecutive months. This drop has created a very strong monthly supply imbalance around $69 where shorts will be possible again.
Selling Crude Oil CL after such a drop goes against supply and demand core rules. We now know where the big players started the bearish move, they left the footprint at the newly created monthly supply level around $60. If you are thinking to go short on Crude Oil, WTI Western Texas Oil or Brent Crude Oil, it’s just too late. Also end of the year profit usually takes place, moreover if crude oil has been dropping for such a long period time, it’s time to buck in profits generated in the last months.
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