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 in +4.44% Uptrend, advancing for three consecutive days on May 09, 2025
Moving higher for three straight days is viewed as a bullish sign. Keep an eye on this stock for future growth. Considering data from situations where BNO advanced for three days, in of 340 cases, the price rose further within the following month. The odds of a continued upward trend are .
Technical Analysis (Indicators)
Bullish Trend Analysis
The RSI Oscillator points to a transition from a downward trend to an upward trend -- in cases where BNO's RSI Indicator exited the oversold zone, of 19 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. of 59 cases where BNO's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The Moving Average Convergence Divergence (MACD) for BNO just turned positive on May 09, 2025. Looking at past instances where BNO's MACD turned positive, the stock continued to rise in of 50 cases over the following month. The odds of a continued upward trend are .
BNO may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The Aroon Indicator entered an Uptrend today. In of 317 cases where BNO Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on April 29, 2025. You may want to consider selling the stock, shorting the stock, or exploring put options on BNO as a result. In of 93 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .
BNO moved below its 50-day moving average on April 03, 2025 date and that indicates a change from an upward trend to a downward trend.
The 10-day moving average for BNO crossed bearishly below the 50-day moving average on April 04, 2025. This indicates that the trend has shifted lower and could be considered a sell signal. In of 16 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are .
The 50-day moving average for BNO moved below the 200-day moving average on April 07, 2025. This could be a long-term bearish signal for the stock as the stock shifts to an downward trend.
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 .
Industry description
General Information
Category CommoditiesBroadBasket