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Published on 27 Dec 2016
The
WTI Crude Oil market rallied during the day on Tuesday, as volume
picked up a little bit after the holiday. However, we are still in a
very thin trading environment, and because of this I think it’s only a
matter of time before market standstill from time to time. However,
there is obviously an upward bias at this point, so I believe that we
will try to reach the $55 level. Pullbacks should be buying
opportunities as the market is obviously bullish, but longer term I
think they’re going to be a lot of concerns when it comes to oversupply
even though the OPEC and non-OPEC countries recently settled on a
production cut. Currently, I think that the buyers are in control soul
selling will be done until we see a longer-term signal.
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