Time for Crude Oil Price Drop below $50?

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Trading position (short-term; our opinion): Short positions (with a stop-loss order at $56.45 and an initial downside target at $45.81) are justified from the risk/reward perspective. On Wednesday, crude oil lost 2.57% after the head of the IEA warned of a significant increase in U.S. shale output as OPEC and non-OPEC producers cut output. This news negatively affected the investors' sentiment and pushed the black gold under important support levels. What does it mean for light crude?

First published here: Time for Crude Oil Price Drop below $50?

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