According to Friday’s information, the number of rigs in the United States rose by 14 to 371. This is a factor that drives from the date of publication of sell-off of oil. In addition, according to Bloomberg OPEC production increased by 0.07 percent. to 32.9 million barrels a day.
But that’s not all, according to the latest report, The Commitment of Traders large financial institutions domykają their long positions on the futures market.
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However, there are factors that support the sale of crude oil in the short term. If we look at the long term, this trend should continue. World production slowly begins to decrease and increase in the number of wells in the United States does not translate into an immediate increase in production. This results in a reduction in the gap between supply and demand. According to the agency EIA ( The US Energy Information Administration ), the demand equals the supply already in 2017, which will undoubtedly lead to an increase in quotes black gold .
on the weekly chart WTI crude oil prices fell below $ 43 per barrel, everything indicates that the short sale is not yet complete, and the price of this raw material tends to zone demand 41,30-42,55 USD. Despite this baseline scenario remains a continuation of the upward trend, at least to last a maximum of around $ 50 per barrel.
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report was prepared by: Department of Analysis Admiral Markets
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