I believe WTI has entered the consolidation zone and is now looking for the correct direction. Experts state that OPEC will continue with production cuts and look to extend them to November but U.S. shale producers and OPEC members not involved in production cuts (Libya, Nigeria, Iran, and Iran due to failing economies) continue to ramp up production. Unless OPEC can come up with an extraordinary measure, I believe Crude Oil will fall below what we saw last week. And the fall we be swift. In the mid term, I believe US Oil will continue to trade between low $40s and mid $50s so i will continue to range trade.
Please comment your viewpoints below.
Please comment your viewpoints below.
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As I said, once the box is broken, we will have a trend and the trend is clearly down. I will look to buy around the $40-$43 region.