As a general outlook for the global Crude oil market for March 2017, we could observe a negative trend during the month. Saudi Arabian Energy Minister Khalid Al-Falih said that if oil inventories remain high, production shortages in the future may continue in June. Despite the recent shortage of production at OPEC, the increase in production in the US is pushing oil prices down. It was also reported that OPEC Secretary General Muhammad Sanusi Barkindo will join OPEC-Russia energy negotiations likely to take place in June.
The overall outlook on the petroleum is completely out of OPEC optimism, and a surge entry was made where the surplus concern was on the forefront. Inventory figures announced in the third week of March may have limited the possibility of a harder retreat, but production in the US is continuing to increase, which may be the main driver of the bullish response. According to the experts in oil market, the traders shouldn’t take risk in the near future because of some issues are not clear already. The April 2017 forecasts of crude oil market will be a bit horizontal for the first days of the month. Finally, we can say the developments of the biggest oil producers after the OPEC agreement about oil production limitations will affect the prices of crude oil market. The resistance levels will be over 53 and 54 USD level and the support levels will be under 51.30 USD level for the first days of April.
- Date: 21 March 2017 Tue 08:36
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