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Published on 31 Oct 2016
The
WTI Crude Oil market gapped lower at the open on Monday, but then
turned around to fill that gap and then fall significantly as we broke
down below the $47 level. It looks as if the market is ready to continue
going lower, and short-term rallies at this point in time should offer
plenty of selling opportunities. Part of the negativity that has
reentered the market is that the non-OPEC countries are looking very
unlikely to follow along with the kind in oil production that the OPEC
companies wanted. With this, oversupply should continue to be a problem,
and of course we have to worry about demand as well, as it simply won’t
be as strong as the web thought. At this point, it’s very likely that
short-term rallies will offer selling opportunities.
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