Black Oil Is Looking For New Triggers

TVC:UKOIL   CFDs on Brent Crude Oil
Yesterday the president of Turkey Tayyip Erdonag warned he might cut off the pipeline that carries oil from Northern Iraq to other parts of the world. It happens sometimes when someone wants to vote for the independence there are always those who don’t. Kurds didn’t lose courage and had their referendum. But oil bears were scared and decided to run.
Yesterday Brent ripped through two psychological areas and surged by 5% having touched July 2015 highs at $58. WTI added 4% and now holds above the $52 level.
In spite of the today’s correction we think that some positive factors will support oil’s general bullish trend .
Firstly, the markets now are almost sure about the start of rebalancing of the oil market.
Secondly, traders believe OPEC will extend cuts beyond the March 2018 deadline.
Yet, the US crude supplies data this week might make the markets be on the watch and make them lock some profits. Brent should find the support near the January, 1st lows 57.30.
WTI will unlikely make a clear break of the support area , previous 24th, May resistance, at 51.85. At least until any strong bearish trigger appears.
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out