Crude Oil has recovered and returned to normal levels
Crude Oil is on the 6 day winning streak, reaching $24.44 for now as today’s highest level. After the slam of bellow zero, when the price reached a historical low of minus $37.00 per barel (May contract), the Oil has recovered and returned to decent and normal levels.
As I wrote allready, my broker VantageFX has decided to made an earlier rollover last month and in my point of view, that was a good decision, with minor impact on clients and their own accounts. I’ve read how the Interactive Brokers lost $88 million after Oil fell bellow zero. The biggest problem was as the FX platforms can’t show the price bellow $0.01 and that were the problems has started.
Anyway, the price has recovered well and reached a decent levels with strong support at $10.00. After the armagedon on April 20. I didn’t sow the point of analysing as the technical picture was totaly distorted, but soon we could have a clear TA again. For now and util, we could just follow the price action as I didn’t see previous levels as relevant too much.
Current developments with the price have prompted forex brokers to ease the temporary restrictions in place on trading with Oil CFD’s and that how they return the margin rates to the previous levels.
Forex Trader 