Some steam has been gathering around the newly released Crude Oil futures in Shanghai as they debuted just yesterday. The amount of dollar bears mass releasing articles claiming this is the beginning of the end for the petro dollar is through the roof.
The claims go as far as saying the petro dollar will crash this month as well as some saying it will lose value in the long term.
What might be happening is some end of the world predictors might be using technical analysis to make a quick buck and gain some "reputation". I put reputation in quotes as it won't be real reputation rather more a one liner they can keep repeating on how they predicted price movement correctly.
Oil might be trading in a range between the purple lines and could be headed towards the lower 60$ level.
The petro Yuan might or might not have an effect but one day is just too early too tell
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