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Published on 6 Jan 2017
The
WTI Crude Oil market had a choppy session on Friday as traders received
the jobs number out of the United States. The oil markets have been
rather bullish as of late, especially since the announcement of the OPEC
led production cuts. However, oversupply as sooner or later going to be
an issue in this market, especially with higher pricing as the US and
Canadian shale oil drillers are attracted to these high prices. If we
can break above the $55 level, I think that it’s only matter of time
before we see massive amounts resistive action at the $60 level, which I
believe is the absolute top of the market. At this point, a break down
below the bottom of the range for Friday could offer short-term selling
opportunities.
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