WTI (USOIL) Retracing and Retesting $40/bbl
As funds continue to unwind their short positions from the mid 43s to upper 44s, the price per barrel of west texas crude on the spot market is showing lack of support for bids at the 40/bbl level. This could be from alot of reasons, but one of the main ones is that they are hedged, so speculation of 60$ a barrel-- although unlikely-- would benefit those firms and the funds of firms looking to hedge going into election season.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.