Crude Oil (CL1) Down $1.6 Over Past 4 Hours, Makes Big Move Relative to Past Month; Came Into Today Down For the 4th Day In A Row

Crude Oil 4 Hour Price Update

Updated September 09, 2020 12:50 AM GMT (08:50 PM EST)

Crude Oil is down 3.87% ($1.6) since the last 4 hour candle, marking the 3rd straight candle a decrease has occurred. Relative to other instruments in the energy commodity asset class, Crude Oil ranked 5th since the last 4 hour candle in terms of percentage price change.

Crude Oil Daily Price Recap

Crude Oil came into today down 7.57% ($3.01) from the open of yesterday, marking the 4th day in a row a decline has happened. Out of the 6 instruments in the energy commodity asset class, Crude Oil ended up ranking 5th for the day in terms of price change relative to yesterday. Let’s take a look at the daily price chart of Crude Oil.

CL1

Crude Oil Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Traders will also want to note, though, that a counter trend — meaning a trend going down — can be seen on the 14 day timeframe. So if you expect the primary trend to resume, the counter trend may be providing an opportunity to buy dips. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to view things another way, note that out of the past 10 days Crude Oil’s price has gone down 7 them.

Overheard on Twitter

Behold! Here are the top tweets related to Crude Oil:

  • From olushola_shola:

    @GarShehu Hi @GarShehu if u have brains, u will not talk now. Because price of crude oil is forecast to go up and if truly our oil sales is deregulated and not your usual government lies then the price of fuel will realistically sell for that N600 range because of exchange rate of ₦

  • From cchukudebelu:

    The way many of us view taxation is like; We used to make (X) from crude oil rents, now we are making (Y), so we need to increase non-oil tax by (X) – (Y) to make up for the shortfall.It is not that simple, taxation is also about a “social contract”.

  • From sarahmarb:

    #PonziModi Modi Govt. charges one of the highest taxes & cess on Petrol, Diesel & LPG in the world when the price of crude oil is the lowest in last 20 years. A Govt. designed to loot the poor & fill the coffers of the rich. Robin Hood in Reverse. 🤷‍♀️


“Energy Ellen” is the collective pseudonym used by several writers who contribute to our energy commentary who are passionate about the intersection of energy, economics, and investing. Follow Energy Ellen on social media: Instagram