The oil price remains in a bearish mode. Despite the exit of Ecuador from OPEC, the main trend is unchanged as investors continue to bet on further declines. The main reason behind this is the expected slowdown of economy, which is pulling down the price. The trade war between China and the US, and now also between the US and the EU is contributing to this negative scenario and even a rate cut at the end of this month might not be enough for a reversal in fortunes.
From a technical point of view, prices could find a first support level at $51-$51.50, which was the low reached in June and August. This would be the first key level to monitor to assess the strength of the bearish momentum.
