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Published on 19 Apr 2017
The
WTI Crude Oil market fell significantly during the day on Wednesday,
after a loss of inventory was announced, but more importantly a build of
gasoline came about in the United States. We are currently testing the
$51 level, and it now looks as if the market may try to reach the $50
handle next. I don’t necessarily think that the buyers have disappeared,
just that we are taking a bit of a breather as the market has been a
bit overbought as of late. Ultimately, I think we will continue to
bounce around and I would expect $50 to be very attractive to
longer-term traders, so we’ll have to see how that works out. In the
meantime, I believe that short-term selling is probably what will see.
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