Crude Oil Analysis
Crude oil hits four-month highs, OPEC said in its latest monthly oil market report its total production last month had fallen to 30.8 million barrel, it was in large part driven by Saudi Arabia’s efforts to accelerate the price rise by cutting more-pumped 350 K less oil in January than in December
Goldman Sachs also promotes updates and said OPEC cuts will drive prices higher as they turn out to be deeper than expected and as they combine with stronger demand that will reduce inventories.
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| Crude oil chart |
as I wrote the last post: Does the violence that oil has experienced in the past two months come back like a boomerang?
yes, we got it – what next?
it all starts here: Oil is crashing – The marks were on the wall
Crude oil Technical analysis
is the first time that price has traded above the white band! After the big jump last month, the trend has changed to bearish and 42 $ oil price level became support level, now we need to watch on 54 -56$ price area that may become short resistance area, if 51$ will break down break then we will see 48-49 $ price while crossing up and stay above 54.80$ price level will send crude oil to cope with the 58-59_ price level, while stay below 48 $ those levels will show us that this was just a correction for the big journey down oil experience since 76$
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| Crude oil analysis |
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