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Published on 15 Jun 2017
The
WTI Crude Oil market fell again during the day on Thursday, reaching
towards the $44 level. I think that given enough time, the sellers will
return on any rally’s, and the $45 level above should be resistance.
Ultimately, the market continues to be volatile but with a pressure. I
think that the $43.50 level underneath is probably where we are heading,
and I believe that the oversupply issue in the oil market continues to
be a major issue when it comes to this. Given enough time, I expect the
market to sell off yet again as we continue to struggle. I think that
the market is a long way away from turning around, so therefore I don’t
really have a scenario in which a willing to buy, and I believe that the
absolute “ceiling” is the $47 level.
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