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The global oil price is continuing its downward movement this week. And with all the political gloom around the world, the pressure on oil prices is quite understandable. The WTI oil price in particular had a rough start of the week, as it broke below $40. And as it appears, WTI oil is on its way down to the $38.50 level.
What’s more, analysts are actually confidently painting an even grimmer WTI oil price forecast that entails a drop to $36.25, which is where we’ve seen strong support in the past. And if the price goes lower still, then a longer term WTI oil forecast envisions a possible fall to as low as $30.
Brent crude oil is experiencing similar developments, as the oil price chart is currently hovering just above the $40 level. And a drop below this level in the current crude oil price analysis can be the start of a free-fall the extent of which remains to be seen. Some analysts have already made the prediction that in this case, the oil price analysis could see lows as far as $37.50 and perhaps even all the way to $35.00.
Of course, next week’s US presidential elections will have their impact on the oil price analysis (November), as well. And previously many believed that the re-election of Trump would give the crude oil November chart a much needed boost. However, those hopes are diminishing rather quickly and are giving way to a more pessimistic outlook on the oil price. November is most likely to see major selloffs. Hence, the crude oil price (November 2020) is almost certain to tumble more.
Adding to the dark picture is the exceptionally low demand on oil and increase in Libyan output, which is also creeping into the overall oil chart analysis. So at this point, there is virtually nothing to prevent a downfall in the oil price chart analysis.
Watch the full video for our take on the crude oil price and find out what the oil price forecast next week might look like. And don’t hesitate to let us know in the comments what your take on the oil price today is.
If you liked our oil price chart analysis for November 2020, please don’t forget to give it a thumbs up! And for more on the next crude oil price forecast, be sure to subscribe to the Capital.com channel!
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