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Oil price this week – how to trade?
Category: Energy Market
Posted by on November 1, 2020 at 10:09 AM
Oil price down and continue into down direction.
The Oil price follows our expectation into down direction. The lockdown in Europe is the major factor for the falling oil price. in the forecast from October 26th predicted this scenario with target of oil price (US Oil) at $34-$35. If you are following our free forecasts hold this short position during the coming week because the first target of $34-$35 is almost reached and the price may continue down lower to levels of $32.
The other key news that will move the oil price is U.S. Election of course. If Biden takes the vote the oil price may continue down even below $30. Biden strategy is to stop the economy to prevent the population from the corona virus.

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