
#NegativeOilPrice#
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The American oil industry is facing a doomsday scenario.
The coronavirus pandemic has caused oil demand to drop so rapidly that the world is running out of room to store barrels. At the same time, Russia and Saudi Arabia flooded the world with excess supply.
Oil Price Forecast: WTI drops below $24.00, 50-HMA, weekly support line in spotlight
WTI Futures on NYMEX fails to extend recoveries from 50-HMA.
A seven-day-old ascending trend line adds to the support.
Buyers look for entry beyond the immediate resistance line.
Having failed to extend the bounce off 50-HMA, WTI June Futures drop to $23.68, down 1.20% on a day, amid the initial fe

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