Crude oil prices continue to remain bearish. Price fell sharply on Monday after many other countries reported on the coronavirus. OPEC member nations including Russia are due to meet at the end of next week. However, prospects of a production cut remain questionable. This arises due to the disagreements between Russia and Saudi Arabia.
WTI Crude Oil Back in a Slump
Oil prices are bearish, losing over 1.5% on an intraday basis. This follows the strong declines from the day before. After failing to break the resistance level at 51.65, WTI crude oil is inching lower. We expect a test of 50.00 level in the near term once again. However, there are some early signs of a bullish divergence forming, which indicates that the declines could be overdone
