WTI Crude Oil (current price: $45.06)
The price of oil turned lower once again on Thursday. The broad Dollar rally weighed heavily on the crucial commodity throughout the day. The positive global sentiment wasn’t enough to turn the underlying bearish trend around. The OPEC meeting might be the most important event for oil later on this month. Investors think that U.S. crude oil production might get another boost, as Mr. Trump plans to cut back the regulation of the segment.
Our assessment: Oil lost almost 2% on Thursday following a three-day correction. The commodity still trades slightly above the rising 200-day Moving Average.
