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Published on 16 Jan 2017
The
WTI Crude Oil market fell slightly on Monday as liquidity would have
been a serious issue. It was Martin Luther King Jr. day in the United
States, which of course is the reason so many Americans would have been
away from their electronic terminals. Ultimately though, what I look at
is that we are appearing to try to roll over. Because of this, I think
the market is going to reach towards the $50.50 level, as the market
simply seems to be running out of steam. The market above sees quite a
bit of resistance as well, and I think that the idea of noncompliance
when it comes to the output production cuts is starting to enter the
mind of traders. A strengthening US dollar of course doesn’t help oil
either.
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