Oil could lose $9 of it's value. In a week.

[guy_wonderful]

Waiting for big drop of oil price current and following week.

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[randythered]

Is there a reason behind your prediction other than some TA? I find that oil price tends to follow closely to world news rather than following TA. Long term the oil price is quite low as it was not under $60 for most of 2018.

[masterzino]

I think you are wrong and it's more  likely prices of oil to goes a little up.

OPEK and Saudi Arabia are lowering production and nobody from the big names doesn't want a cheaper oil. I opened a long position 3 days ago.

[NeuroticFish]

OPEK and Saudi Arabia are lowering production

I've also read about OPEC lowering production and I also expect the price rise.
OP, what backs your statement/expectation? Only some TA, or you have some other info too?

[Febo]

Oil could lose $9 of it's value. In a week.

Week has passed and Oil prices gained $2. You still had not reveal what was the reason behind your wrong prediction.

[NeuroticFish]

Week has passed and Oil prices gained $2. You still had not reveal what was the reason behind your wrong prediction.

Although I'd like to know the basis for the prediction, there's more than a day until his predicted week ends...

[Wilhelm]

What I heard is that OPEC needs $75 to cover their development costs in Dubai and other tourist places.
Oil is not a free market in my opinion;  it is goverened by OPEC so I would trust news above pure technical TA.

[snipie]

Week has passed and Oil prices gained $2. You still had not reveal what was the reason behind your wrong prediction.

Although I'd like to know the basis for the prediction, there's more than a day until his predicted week ends...

In the oil market there is no prediction. Everything is planned and directed by USA and OPEC. They let the price rise a little bit, USA gets angry and order Saudis to product more oil then the price goes down. The middle east countries are paying the losses from their budget which causes an economic crisis there, that's why they let it rise again and so on.

[guy_wonderful]

drop at friday, like 85 % chance. 200 points

[Coin-1]

drop at friday, like 85 % chance. 200 points

Some developed countries still have very cold weather, therefore, in my opinion, oil prices are unlikely to fall this week. In January and February the oil is almost always in high demand in commodity markets, and this is a solid reason not to lose $9 right now. As far as I know, OPEC+ has reduced production only by half a year since the beginning of 2019, so the price can drop after this winter.

I wonder how Bitcoin and crude oil are interrelated. I guess that investors choose the most profitable asset at the moment, selling one and buying another.

[BestSSS]

Your Technical analysis does not work with the oil chart. Alas, oil prices are more tied to world news and the situation in the oil market than cryptocurrency and stocks.
For such a long time and I can spend just drawing a straight line!
I would tell you on the contrary that the price of oil will continue to grow in the near future as the leading OPEC countries reduce oil production. Today it is already visible the price went above 62 Dollars for barrel so your analysis in the form of a dash does not suit anywhere!

[ShadowBits]

Waiting for big drop of oil price current and following week.

No matter what will happen, the price of Oil will still go larger by the years to come because it is one of the most needed commodity in this world.

[MTVuser07]

No matter what will happen, the price of Oil will still go larger by the years to come because it is one of the most needed commodity in this world.

I would not be so sure. I think you have already noticed that most people are switching to hybrid or fully electric vehicles. Naturally in the future, the demand for oil will begin to fall. Of course, tankers and other vessels work for them, but the main use is in ordinary transport.

[Halmater]

Recently, oil price is very volatile mostly because of political conflicts. I wouldn't suprise if we see a drop n a few weeks. Oil exporters like Saudi Arabia are going to decrease their production in order to make price higher. Even though oil market is considered as traditional market it is very volatile too.

[horrifiedx1]

Recently, oil price is very volatile mostly because of political conflicts. I wouldn't suprise if we see a drop n a few weeks. Oil exporters like Saudi Arabia are going to decrease their production in order to make price higher. Even though oil market is considered as traditional market it is very volatile too.

with the reduced price, it is expected to raise oil prices. but in political situations many scenarios are carried out. but I think that condition can still be overcome by Saudi Arabia because oil is a basic need to drive the world economy. but indeed, judging from the technical trend, the downward trend will still continue

[darewaller]

Really? Oil? I mean I get that this is economics and I am fine with talking about anything but aren't we in "bitcoin"talk ? Why the talk about oil. Will it affect anything on bitcoin, what happens to bitcoin if Oil drops 9 dollars in a week, will there be consequences for the miners or something ? Maybe change in energy prices that would affect the costs of miners which could increase the price of bitcoin as well since they will have a higher threshold of selling their mined coins ? I mean if none of these are true why are we really talking about oil ?

If there is any relevance to bitcoin that I am missing I would love to learn about it but if there is not then its just Oil and hopefully some old energy system that we are moving on from thanks to solar and wind and many other ways of making energy.