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Oil prices changed course and attempted a recovery in the Asian trades, after having slumped 3% on bearish monthly reports from both the IEA and OPEC.
On Tuesday, oil prices rallied 3% after both the EIA and OPEC made downgrade revisions to their global demand forecasts, while also pointed out that the global crude oversupply could persist for much longer than expected. EIA advised that increasing supply along with a sharp reduction in demand will create a saturation of oil in the market. at least until June 2017 which is in noticed contrast to last's month where the agency noted that supply would fall by the end of the year. Mr. Eugen Weinberg, head of commodities strategy commented " It seems that the situation deteriorated strongly or significantly in the eyes of OPEC, as well as the EIA. He also added that he wont be surprised to see a weakness in the price to continue for a while right now because such news were not on the card in our opinion. Oil prices still remain under pressure, and all the mentioned data are taken into consideration, but let's keep one idea in our mind, oil price is also subject to geopolitics.
Trend: Downward , intraday 45.18 which is below H5 Pivot point ( 45.24 )
First Support S1 44.83, any break below S1 will trigger a more drop into 44.52, S3 43.95, S4 43.30
First resistance: R1 45.57, R2 46.13, R3 46.56, R4 47.53
Remark : Eyes focused on economic calendar today at 3:30 PM GMT where Crude Oil Inventories which will set the course for Oil price.
FPA Forums Team Note: How many times are you going to try to link to a page as if it is an image? This only creates a broken link instead of displaying an image.
On Tuesday, oil prices rallied 3% after both the EIA and OPEC made downgrade revisions to their global demand forecasts, while also pointed out that the global crude oversupply could persist for much longer than expected. EIA advised that increasing supply along with a sharp reduction in demand will create a saturation of oil in the market. at least until June 2017 which is in noticed contrast to last's month where the agency noted that supply would fall by the end of the year. Mr. Eugen Weinberg, head of commodities strategy commented " It seems that the situation deteriorated strongly or significantly in the eyes of OPEC, as well as the EIA. He also added that he wont be surprised to see a weakness in the price to continue for a while right now because such news were not on the card in our opinion. Oil prices still remain under pressure, and all the mentioned data are taken into consideration, but let's keep one idea in our mind, oil price is also subject to geopolitics.
Trend: Downward , intraday 45.18 which is below H5 Pivot point ( 45.24 )
First Support S1 44.83, any break below S1 will trigger a more drop into 44.52, S3 43.95, S4 43.30
First resistance: R1 45.57, R2 46.13, R3 46.56, R4 47.53
Remark : Eyes focused on economic calendar today at 3:30 PM GMT where Crude Oil Inventories which will set the course for Oil price.
FPA Forums Team Note: How many times are you going to try to link to a page as if it is an image? This only creates a broken link instead of displaying an image.
