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Crude Oil Short (WTI) – 7th Nov – £24.80

Crude Oil Short: Towards the evening on Friday 3rd November saw the Baker Hughes rig count change by -1% with the current rig count standing at 898, which sent oil prices higher making new highs over $57 a barrel. With less rigs pumping oil, basic supply & demand states that the less of something there is, the more it’s worth. Less rigs pumping oil out the ground meant that the value of Crude Oil appreciated.

With prices now at all time highs of 2017, there are a few chances for traders to ride on the back of some profit taking, which is exactly what I did.

Crude Oil Short

(Our trading and image was done using an account with UK based broker IG)

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*Please Note, Forex and other forms of trading carry a high level of risk to your capital as you could lose all of your investment. These products may not be suitable for every investor, therefore ensure you understand the risks and seek independent advice. Invest only what you can afford to lose. We are NOT financial advisers and we do NOT offer financial advice.