Crude Oil Price Forecast 3rd July 2017

WTI Crude Oil

The WTI Crude Oil market bounced from the $42.50 level, breaking above the $45 level. It looks as if the buyers are trying to push towards the $47.50 level, but I would expect to see a lot of resistance in that area. I’m looking for and exhaustive candle to take advantage of as we certainly have a lot of headwinds when it comes to pricing of crude oil. The oversupply continues to be extreme, and of course the demand hasn’t exactly been stellar either. American producers continue to drive down the cost of oil as they fled the market.

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Posted in Oil & Oil Products.