Oil prices are up slightly today, but still heading for a bad week. This is because:
Basically, there are a lot of things happening that could affect oil prices, and it's not clear what will happen next. But, regardless of the fundamentals, here is our technical analysis, which we believe is on point!
- China's economy might not do well: People are worried that China's building problems will hurt its growth, which means they might buy less oil. (China is the biggest oil buyer!)
- OPEC hasn't decided how much oil to sell yet: They'll make a choice in March, but until then, people are unsure.
- The US jobs report is coming out today: A strong report could mean higher prices for everything, including oil.
- There's hope for a peace deal between Israel and Palestine: This could mean more oil flowing freely, making it cheaper.
- Also, the US dollar is getting weaker because people think the Federal Reserve will make borrowing money cheaper soon.
Basically, there are a lot of things happening that could affect oil prices, and it's not clear what will happen next. But, regardless of the fundamentals, here is our technical analysis, which we believe is on point!