Oil Price Declines as Stockpiles, Venezuela Impact Market

The video discusses the current state of the oil market, focusing on the impact of increased US crude inventories and sanctions on Venezuela. It highlights the shift in market positioning, with a long-term view being taken due to potential changes in Venezuela. Technical analysis, including head and shoulders patterns and Fibonacci levels, is mentioned, but the market is seen as fundamentally driven by supply and geopolitical factors.

What technical indicators are being discussed in relation to WTI oil?

What geopolitical factors are influencing the oil market according to the discussion?