The year 2019 was rather a balanced one for oil prices, as the early rise was evened out in the rest of the year. The US-China trade war fueled the global economic slowdown undermined the efforts of the Organization of Petroleum Exporting Countries (OPEC) and its allies to balance the crude market and ramp up oil prices. Stepping into 2020, the oil industry is on a verge of witnessing a massive shake-up, in the face of the International Maritime Organization (IMO) regulations –IMO 2020– effective from January.
WTI: Oversold RSI can stop bears targeting 61.8% Fibonacci
WTI bears catch a breath as the quote flashes $53.00 during the initial trading session on Tuesday. The energy benchmark recently dropped to the lowest since October and is declining towards 61.8% Fibonacci retracement of its upside from December 2018 to April 2019.