Johnkilduff oil market is expected to usher in a n

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John Kilduff: the oil market is expected to usher in a new round of selling

john Kilduff: the oil market is expected to usher in a new round of selling


[China paint information] crude oil prices fell this week, as the uncertainty of China's economic growth and excess supply continued to pressure the market. At present, the WTI crude oil price has plummeted by 10% since October, when the speed adjustment ratio reached a high of $50.92/barrel of 1:100000. According to a market professional, a series of negative factors this week are expected to keep the oil price down

"the meeting between OPEC and non OPEC oil producing countries on Wednesday is expected to end in a hurry, which will lead to another round of selling," said John Kilduff, founder of again capital on Wednesday (October 20). OPEC will hold a special technical meeting on Wednesday. Kilduff doubts whether the meeting will end with more protests from Venezuela with stable performance and other countries suffering from it, which will continue to put pressure on crude oil

in addition, Kilduff predicts that this week's EIA report will increase significantly again. "This week, it is reported that the inventory of Zhongyuan oil depot will increase significantly. This will be the catalyst for the downward trend."

however, crude oil prices have risen recently. Oil prices have risen more than 22 per cent since their low on August 24. However, according to Kilduff, the recent rebound of oil prices to $50/barrel is just a "bull trap" as shown on the chart

"we will cross the support level of $44," Kilduff said. "I think it will definitely fall below (support) and slide to $30."

it is worth mentioning that kiduff has been bearish on crude oil. He once called for the oil price to fall to $25/barrel, but the crude oil found the bottom at $38/barrel at the end of August. Although kiduff described the fall to $25/barrel as a "low probability" event, it was still within the range. "Oil prices will fall further," he added

at 5:25 Beijing time, WTI crude oil was reported as USD/barrel


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