Oil jumped over 30% on Trump’s Tweet
Crude prices jumped today after President Trump said he expected Saudi Arabia and Russia would agree to new oil-production cuts. CNBC’s Joe Kernan says he just received a call from the President and he told him that he expects the Saudis and Russians to announce a production cut of 10-15 million barrels per day. That would be around half of their production. In the meanwhile Saudi Arabia calls for emergency OPEC+ meeting for 3rd time I think!?
On the news Crude price jumped over 30% today, with low 20,75 and high 27,27. Could this be a real turnover after psycholigical bottom at $20 which I mentioned yesterday. The resistance is placed in between 28/29 and support for now stays at 20. It’s a huge range which is made on rumour for now, it stays to see will something from this be for real. It’s important for making furder decisions. Be careful until, technical levels on smaller TF’s are easy to be broken on news like this.