Monday, September 17, 2018

USOIL - 18 September 2018


Fundamental Highlights

The OPEC's Secretary General Mohammed Barkindo stated that the organization's is to have a framework for longer OPEC+ cooperation by December. He also expressed his concerns on the ability to attract new required oil investments as the demand continues to grow. At the same time though, Trump's trade war developments are threatening global growth and this would take a toll on the demand for Oil which creates a downwards bias.

Technical Analysis

As expected, Crude oil prices headed towards the 68.5 support level and are currently hovering just above it. Any weakness in the momentum will send prices towards the bottom of its range and this time the $68 level will be tested.

Support: 65.3 64.6
Resistance: 65.88 68.3

Chart (H1)