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Published on 19 Jan 2017
The
WTI Crude Oil market initially tried to rally on Thursday but after a
bearish inventory number coming out of the United States, the market
rolled over and ended up forming a shooting star yet again. The $51
level underneath should continue to be supportive, and thus there is
quite a bit of volatility all the way down to the $50 level. Rallies of
this point in time should be selling opportunities, as I believe the
market is finally starting to focus on the oversupply issue. The US
dollar rallying has of course works against the value of oil as well,
and I think we are starting to see real weakness slip into the
marketplace as oversupply becomes increasingly apparent.
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