the daily chartist

WTI Crude Oil recap for 16.09.2015

published 5 years ago
WTI Daily

 Oil was boosted by the oil glut as the Crude Oil Inventories came out short by -2.1 M barrels from the forecast of 0.7 M. The price jumped with 2$ for a close at 47.57 from its opening at 45.44. Still I think the price may reach 48.58 in the short-term, but in the long-term the market will be oversupplied again and the pressure on energy will continue to subdue the prices to low levels. If this occurs I suggest that the price will move down to 45.53 again and then to 44.45. A break there will send the price back under 44 and then under 40 to the low levels of 39.51.