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.