RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Oil prices have plunged to multiyear lows Friday and fell for the fifth consecutive session as an increasing number of new coronavirus cases outside of China have exacerbated concerns of a global economic slowdown and lower demand. WTI has declined over 10.4% through Thursday and is on pace for its lowest closing price since December 2018. With oil in a bear market, OPEC and Russia are set to meet in Vienna next week to assess further productions cuts following a meeting earlier this month where Russia previously opposed any action. The market remains bearish trend with today’s range seen between 44.76 – 51.46.

Crude Oil Apr ’20 Daily Chart
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Alexander Turro

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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