Oil On Continuation Chart Pattern

A rising wedge formed during a downtrend typically results in a CONTINUATION (downtrend). Price floating below daily pivot level so far indicating bearish sentiment on the oil market.

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DOE crude oil inventories 3548K versus 482K estimate

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Oil prices dipped on Monday on weaker Chinese oil demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.

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Oil rises 3% as a fall in new coronavirus cases in China eases fuel demand concerns. loonie doing well against some currencies too.

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ChemChina shuts down 100,000 bpd oil refinery in Shandong due to virus