Oil Price Clears March High to Push RSI into Overbought Territory 2020-12-17 20:00:00 David Song, Strategist
Oil Price Talking Points
The price of crude takes out the March high ($48.66) as it continues to track the upward trend carried over from November, and recent developments in the Relative Strength Index (RSI) point to higher crude prices as the indicator pushes into overbought territory for the first time since 2019. Advertisement
Oil Price Clears March High to Push RSI into Overbought Territory
The price of oil trades to a fresh monthly high ($48.80) as fresh data prints coming out of the US instill an improved outlook for crude consumption, with oil inventories contracting 3.135M in the week ending December 11 versus forecasts for a 1.937M decline.
Oil Price Rally Eyes March High as RSI Flirts with Overbought Zone 2020-12-10 19:30:00 David Song, Strategist
Oil Price Talking Points
Crude climbs to a fresh monthly high ($47.74) despite an unexpected increase in US inventories, and the price of oil may continue to retrace the decline resulting from the COVID-19 pandemic as tracks the upward trend established in November. Advertisement
Oil Price Rally Eyes March High as RSI Flirts with Overbought Zone
The price of oil approaches the March high ($48.66) as the Organization of the Petroleum Exporting Countries (OPEC) reveal that “beginning in January 2021, DoC (Declaration of Cooperation) participating countries decided to voluntary adjust production by 0.5 mb/d from 7.7 mb/d to 7.2 mb/d” at its last meeting for 2020.