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Crude Oil Price Update – Plenty of Room to the Downside with $58.91 to $58.66 Key Target Zone
U.S. West Texas Intermediate crude oil futures tumbled on Friday, but still managed to close higher for the third consecutive week. Prices were boosted throughout the week by hopes of demand growth in 2020 due to the thawing of tensions between the United States and China. Profit-taking ahead of the Christmas and New Year’s Day holidays likely weighed on prices on Friday. Additionally, a rise in the U.S. oil rig count, an indicator of future supply from the world’s largest producer, also put pressure on prices. On Friday, February WTI crude oil settled at $60.44, down $0.74 or -1.21%. Daily Swing Chart Technical ... (full story)