Oil WTI - Long Opportunity

8 ago 2019Oil WTI has dropped about 15% from the level it was at in mid July due to rising US/China trade tensions and an unexpected build up of US stock piles. However, we see this as an opportunity to build a long position as USD/CNH has stabilised and it is rumoured that oil producers are potentially thinking of taking action to increase prices. Therefore we are currently long but we would not want to see the market drop below the $50.493 support level which could lead to a further drop in oil prices.