Crude Oil Forecast And Technical Analysis 06-27-2018
Total supply of 1 million barrels from Saudi Arabia and Russia in the upcoming period could cover only the half of the 2.43 million barrels/day supply cut of Iran (if all states conform to the US) .
In the current situation of Iran’s daily oil exports of 620 thousand barrels China, 560 thousand barrels of the EU, 470 thousand barrels of India, 400 thousand barrels of South Korea, 230 thousand barrels of Turkey and 140 K to Japan.. Here, 1.8 million barrels of petroleum may be withdrawn from daily world production when it is thought that China is the strongest candidate to comply with the US call. This figure cannot be easily covered by Saudi Arabia and Russia, which can increase capacity. We may see further increase in the Oil Prices.
The price action of the Crude confirms us the same. As we have written in our latest analysis, Crude opened the week with a gap, but the Bulls jumped into the arena.
We see the golden cross in the weekly charts. This indicates a new bullish wave.