Some fundamentals and technicals are indicating a bearish move in Crude Oil prices.

Crude Oil rally, from 40 USD to 65 USD triggered by the OPEC cuts seems like losing its strength.

Negative Fundamentals of Crude Oil:

Russia does not seem to be willing to make new supply interruptions

The possibility that China’s future 4th-quarter growth data may not meet expectations tomorrow may push prices down. ( Data will be released tomorrow )

Global demand: Oil markets are heavily dependent on demand and supply talks. There are no strong significant evidence of Global demand.

US Drillers: One of (if not the biggest) the contributors to the downfall in oil prices in recent years. Higher prices and more shale production. It is a question mark.

Technicals :

READ MORE

CRUDE-H4

Source: http://www.fxters.com/crude-oil-forecast-technical-correction-reversal/

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.