April 29, OctaFX – The price of crude oil declined slightly after President Donald Trump asked OPEC members to boost production. On Friday, he sent a tweet saying that he had talked with some OPEC members, who were ‘in agreement’ about raising crude production.
However, according to OPEC secretary general, no such conversation had taken place. He said that the cartel will determine whether to boost production in their meeting in March. For months, Donald Trump has criticized OPEC for cutting production, with the aim of boosting prices. However, some of his actions, like cutting-off Iran and putting sanctions on Venezuela have contributed to the high prices.
Crude oil price technical forecast
The XTIUSD pair extended Friday’s declines to reach an intraday low of 62.9. On the four-hour chart, the price is slightly below the 50-day and 25-day moving averages. The two averages are doing an intersection, which could lead to lower prices.
The RSI has dropped to below 30 while the Stochastic Indicator has started to move up. The pair could resume its upward trend because OPEC is unlikely to yield to Trump’s pressure.
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