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December 2016 Forecasts of Brent – Crude oil Market

December 2016 Forecasts of Brent – Crude oil Market

We can observe the oil market prices have been increasing at the last times. At the OPEC headquarters in Vienna, some members were optimistic about the possibility of a final deal. OPEC sources have said that OPEC experts have reconciled some details on the details of the plan to reduce oil production on the first day of the two-day summit. OPEC's unofficial meetings, which will last up to 30 days, support oil prices, while Trump's investment in infrastructure is reflected in crude oil positively. According to the CFTC report released on Friday, we see new buy-side contracts on both crude oil and Brent oil on November 8-15.

Technically, it is very important to stay on top of this level in Brent oil, which is over 49 USD. If the mobility continues above this level, levels of 49.60-50.00-50.50 can be observed. In the case of withdrawals, the range of 48.00-47.50 may be followed by 47.00-46.30-46.00. Finally, according to the many experts on the global forex market, the prices of oil market in near future will be determined by the actual developments of OPEC official meeting and the position of Iran about oil production limiting process.

Support level : 48.40 -  47.10 USD
​Resistance level : 49.00 - 49.25 USD
Date: 27 November 2016 Sun 23:25

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