Crude Oil Forecast And Technical Analysis October 27th

Fundamentals of Today

Crude oil pries fell in Asia on Friday with the market cautious as OPEC member and major producer Venezuela reportedly faces problems making payments on bonds issued to the state oil company PDVSA and with U.S. rig count data ahead.

On the New York Mercantile Exchange crude futures for December delivery rose 0.11% to $52.70 a barrel, while on London’s Intercontinental Exchange, Brent gained was quoted down 0.08% to $59.42 a barrel. Shale oil drillers have recently pared back on new drilling programs and investors are waiting to see if the dip is temporary as prices remain steadily above $50 a barrel.

Payments on bonds issued by Petroleos de Venezuela SA, or PDVSA, and the Venezuelan government remain a question mark two days after the state-owned refiner and producer made good on two overdue bond payments and approved a $985 million debt payment due Friday.

Technicals and Trade Strategy:

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Source: http://www.fxters.com/crude-oil-forecast-technical-analysis-october-27th/

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