WTI CRUDE OIL
hello traders here is sell set up for USOIL
price action is tightening an there is hidding bearish trend around $58.40
this comes after The EIA expects WTI Crude prices to remain close to $50 a barrel or higher,
which will incentivize more U.S production, and output from new wells will exceed the declines from legacy wells at some point in the latter half of this year. Overall crude oil production will increase in the second half of 2021 and in 2022, EIA said, estimating that U.S. oil production will average 11.0 million bpd in 2021—down from 11.3 million bpd in 2020—and will rise to 11.5 million bpd in 2022.
price action is tightening an there is hidding bearish trend around $58.40
this comes after The EIA expects WTI Crude prices to remain close to $50 a barrel or higher,
which will incentivize more U.S production, and output from new wells will exceed the declines from legacy wells at some point in the latter half of this year. Overall crude oil production will increase in the second half of 2021 and in 2022, EIA said, estimating that U.S. oil production will average 11.0 million bpd in 2021—down from 11.3 million bpd in 2020—and will rise to 11.5 million bpd in 2022.
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