-
Published on 20 May 2017
The
WTI Crude Oil market had a very strong Friday, as we broke above the
200-day moving average finally. Not only that, we broke above the $50
handle, and it looks as if the crude oil markets are ready to continue
going higher. My regular readers here at Daily Forex know that
longer-term I think that oil markets are going to struggle, but it’s
obvious that we are going to continue to go higher. The market is
reacting to reports that not only will OPEC extend production cuts, but
they may expand them, which is a very bullish move for supply, however
having said that I also recognize that the higher this market goes, the
more Canadians, Americans, and Mexicans start drilling. Because of this,
it’s likely that the rally is short-lived, but I do certainly think
that the buyers are in control currently.
No comments:
Post a Comment