OIL, THREE REASONS why did the price fall by 28%!

TVC:USOIL   CFDs on WTI Crude Oil
WTI CRUDE OIL . About a week ago, oil almost has reached its all-time highs ( ATH ), but a few days later it fell by 28%. Why could this happen? Let's look at the situation in more detail!

FIRSTLY, the White House promised to take oil sanctions off Venezuela in exchange for intensified negotiations between President Maduro and the country's opposition. Although the country positions itself as a friend of Moscow but the situation inside the country can make its own adjustments. To recall, the country is in deep crisis and its national currency has been devalued by 97%, but it has the largest crude oil reserves in the world! Would you miss such an opportunity?

SECONDLY, despite Iranian air attacks on bases in Iraq, the Nuclear deal is expected to be signed next week. This would allow the U.S. to ease sanctions on Iran and allow the country to sell more Iranian oil . But of course we need to watch the official statements of the governments.

THIRD reason, the British prime minister may visit Saudi Arabia next week to ask the country's leadership to increase the country's oil production. So far this is just a rumor, but could it come out of nowhere?

These three reasons could have triggered the OIL price to fall!
What do you think of the oil market? Share your thoughts in the comments!

Friends, push the like button and share with your mates - that would be the best THANK YOU!

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

🔷 Join my FREE educational Telegram channel 👉 https://t.me/+IIOyiVsE5ncyNTVi
👑 Join my private community to follow my trades, explore my trading plans and chat with real professional traders 👉 https://bit.ly/DM_To_ME
👉 https://bit.ly/IM_A-Trader