3 reasons to sell crude oil here (via CNBCFuturesNow)
Oil prices reversed on Tuesday to fall nearly 6% after surging over the weekend and on Monday, a monster move that followed a set of coordinated attacks on Saudi Arabia's oil supply. The pivot came after the Saudi energy minister said the kingdom would have its oil supply back online by the end of the month.
"I'm going to look at the bigger picture, and the bigger picture was that before this all started, oil prices were sliding," Grisanti said Tuesday on CNBC'sGrisanti — who was a seller of crude oil futures in Tuesday's session — said three key factors made him believe that oil would continue to sink: demand, fracking and global supply.
That represents a bet that crude — which was trading around the $59.40 level later on in Tuesday's session — would fall about 4% by the end of November. The trader also flagged some interesting action in oil's 200-day, 50-day and 21-day moving averages, all of which have converged right around the $56.20 level.
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