Oil Flash Crash, with the likely extension of the OPEC production cut of 9 months

FXStreet — Oil prices fell on both sides of the Atlantic is strong, according to the comments of the Oil Minister of leading OPEC producers. It was explained that there is a consensus on the Expansion of the agreement to the reduction in Production for around 9 months.

The sale was triggered by the typical «Sell the fact», because a 9-month extension was already priced in. WTI fell by almost -1,50% 50,23 and Brent is the Depth at 52.94.

Half of the downward movement, however, was quickly reversed, while the final result is maintained. The Oil Minister of Saudi Arabia agreed to a larger extension.

Currently, the WTI loss is -0,50% at 51,11, and Brent loses -0,26% 53,90.

WTI crude technical levels

Above the psychological mark of 52 $, the next Resistances lie at 52,65 (High 19. May) and at the psychological level of 53 $. On the other hand, supports are located at, i.e. 50.42/23 (200-day MA). 49,88 (50-day MA) and 49 (psych. Level).

** FXStreet News Editorial, FXStreet**

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