Oil plunges as OPEC-Russia agreement fails to materialize
Oil prices had their steepest plunge in more than a decade Friday, after there was no indication of an agreement between OPEC and Russia on production cuts.
Brent crude futures contracts for May delivery declined more than -9.4%, or $4.72 per barrel --the biggest one-day decline since 2008. The gauge ended Friday at $45.27 per barrel, which is also the lowest level for the global benchmark since 2016. WTI contracts for April delivery was -10% lower.
OPEC had wanted additional cut of 1.5 million barrels per day, as long as Russia and other non-member states supported the plan with cuts of their own.
OPEC’s statement on had no mention of either deeper cuts, or extending the existing output agreement from 2016, which cuts around 1.7 million barrels per day from the market and is set to expire at the end of the month. OPEC mentioned in the note that member state producers would "continue to stabilize markets".
Risks of an oversupplied oil market could be potentially aggravating, particularly amid the Coronavirus crisis which is hurting global demand for fuel.
BNO saw its Stochastic Oscillator leaves the overbought zone
The Stochastic Oscillator for BNO moved out of overbought territory on July 16, 2025. This could be a bearish sign for the stock and investors may want to consider selling or taking a defensive position. A.I.dvisor looked at 62 similar instances where the indicator exited the overbought zone. In of the 62 cases the stock moved lower. This puts the odds of a downward move at .
Technical Analysis (Indicators)
Bearish Trend Analysis
The 10-day RSI Indicator for BNO moved out of overbought territory on June 23, 2025. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 43 similar instances where the indicator moved out of overbought territory. In of the 43 cases, the stock moved lower in the following days. This puts the odds of a move lower at .
The Moving Average Convergence Divergence Histogram (MACD) for BNO turned negative on June 25, 2025. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 51 similar instances when the indicator turned negative. In of the 51 cases the stock turned lower in the days that followed. This puts the odds of success at .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where BNO declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on July 08, 2025. You may want to consider a long position or call options on BNO as a result. In of 92 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BNO advanced for three days, in of 335 cases, the price rose further within the following month. The odds of a continued upward trend are .
The Aroon Indicator entered an Uptrend today. In of 299 cases where BNO Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
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General Information
Category CommoditiesBroadBasket
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