The oil bulls are pushing up the price of oil. Today the movements of oil prices are up and down. Oil is currently up with Brent on May contracts at $39.2 and WTI with April delivery at $36.9 per barrel.
Support for the prices is coming from US news and stats. According to data from the US institute for oil, last week’s commercial oil reserves were up by just 1.5 million barrels; much less than expected. On the whole, the growth in reserves is slowing.
The US has decided to halt its program for expanding extraction on the Atlantic shelf where they had previously planned to increase their work from 2017 to 2022. This decision was taken due to the low prices and the lack of infrastructure in the region.
However, these factors are enough to keep oil quotes afloat for the time being. Over the long term, the perspective is still the same. Illusions in regard to the meeting of exporter countries are gradually being dispelled. The long awaited meeting could be shifted to the middle of April according to information in the media yesterday which supposedly came from OPEC representatives. Correspondingly, the chances of an oil extraction freeze are diminishing.
In the coming days we could see volatility rise on the oil market, with quotes up and down. In the medium term it’s likely that the bulls will try to drag the price back to $30-33 per barrel. Over the course of the day Brent will be trading $38.5-39.5 per barrel.
Siavash CCli: you may be right but I do not think oil gets under $36 per barrel until price reaches at least to $45.
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Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.
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