Crude Oil WTI Futures - Jun 17 (CLM7)
Commodities made little headway over the past trading day. Crude oil prices continued to fall but momentum noticeably slowed from the previous day’s breakneck selloff. Whispers of preliminary agreement on extending the OPEC-led supply cut deal failed to impress after Saudi Arabia Energy Minister Khalid Al-Falih said the scheme failed to reach its inventory reduction goal, at least so far.
From here, a meeting of the OPEC technical committee charged with monitoring the production cut program and weekly Baker Hughes US rig count data are in focus. Taken together, they may help establish if the cartel appears to have the wherewithal to boost prices or if growing swing supply will full offset its efforts. Yesterday’s price action seems to suggest investors are increasingly partial to the latter view.
Unrefined petroleum TECHNICAL ANALYSIS – Crude oil costs barely edged underneath support at 50.71, the 38.2% Fibonacci extension, cautioning that further shortcoming might be ahead. From here, a day by day close underneath the half level at 49.78 uncovered the 48.55-85 territory (incline line, 61.8% Fib). On the other hand, a move back over 50.71 opens the entryway for a retest of the 23.6% extension at 51.87.
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