Oil prices took a dive to three-month lows on Thursday before recouping some of the losses as the coronavirus continues to proliferate throughout China and other parts of East Asia, stifling future demand prospects. The World Health Organization labeled the virus a global health emergency Thursday afternoon. Geopolitical risks remain as well as ongoing threats against Middle Eastern supply. Libyan production outages continued this week coupled with reports of Yemeni attacks on Aramco facilities as well as reports that OPEC may be moving up their next scheduled meeting. With the recent decline in price, oil has moved to neutral trend with today’s range seen between 51.26 – 57.62.

Crude Oil Mar ’20 Daily Chart
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Alex Turro

Senior Market Strategist

Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.

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