Meanwhile, some of the world’s largest producers continue to pump crude at record levels, with the Organization of Petroleum Exporting Countries maintaining Saudi Arabia’s strategy of squeezing out high-cost competitors.
“Momentum indicators are not particularly bearish or even worrisome. However, we can see a contraction of the day-to-day swings, which is indicative of a tiring trend. It manifests on the chart as a rising wedge formation where the lows rise faster than the highs. Even though everything is still rising, bears seem to becoming more aggressive by selling progressively earlier,” according to Barron’s.
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United States Oil Fund
