In spite of the OPEC Oil production boost estimated in 1 Mn daily barrels, UKOIL has been soaring aproaching 3,5 years highs close to USD 80; since the production supply increase was expected over 1 Mn and the real supply boost might finally be around 600k daily barrels.
Now the price is retreating from USD 79-80 level, after being unable to break those level in recent months.
UKOIL is facing a clearly medium term momentum since:
- There is a divergence.
- USD 79-80 range unable to be broken.
- Critical technical breakout level.
- OPEC boosted production slightly.
Today we have the USA OIL inventories market mover.
Enjoy your trading!
Adrian Lopez de Armentia - EFA