The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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On Monday, WTI oil prices were under pressure, approaching the round level of $57.00.
Tensions between the US and Venezuela reached new heights last week after President Donald Trump announced the detention of an oil vessel by the US Coast Guard off the coast of Venezuela. However, this news did not alleviate concerns about potential oil supply disruptions from Venezuela. Additionally, given the ongoing bearish sentiment towards the US dollar, the oil market found no support.
In geopolitical terms, Ukrainian President Volodymyr Zelensky held five-hour talks with American envoys on Sunday and proposed abandoning the strategy of joining NATO. American diplomat Steve Witkoff noted significant progress, though without providing any additional details. The negotiations are set to continue on Monday, but optimism surrounding this development is negatively affecting oil markets.
Moreover, oil prices remain near their lowest levels in two months, as improved demand in China has helped compensate for global production, which is outpacing consumption. Visible demand for oil and refining activity in China in November was higher than the previous year, impacting global crude oil prices and maintaining downward pressure.
From a technical standpoint, oscillators on the daily chart are negative, confirming the bearish outlook. Prices are near a two-month low at the round level of $57.00. For bulls to have a chance at growth, traders need to overcome the 20-day SMA, which is near the round $59.00 level.
*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.
Uz InstaSpot-ove analitičke preglede uvek ćete biti u toku sa tržišnim trendovima! Klijentima InstaSpot-a su dostupni mnogobrojni besplatni servisi za uspešno trgovanje.
