First 2017 Expectations about CRUDE OIL Market (Forecasts of Crude Oil Market)

As a general perspective, we’ve experienced a positive trend on Crude oil market on the global forex market. The price level was at 33.16 USD level at the beginning of year. With starting the month of May, the parity started to experience a strong increase, and crude oil prices reached to 49.33 USD level at 24th May. At the last days of the year, the parity tested over the 50 USD level.

When we handle crude oil technically; the parity tested above 52 USD level on the global forex market. This point has already been tested several times before, but unbroken retreat was the issue. If Crude Oil starts to settle on top of this hill, it may be settled in the range of 52 USD to 60 USD. In this case, the level of resistance of 54.0 USD will be effective as the intermediate resistance level. However, if the 52.20 USD resistance cannot be broken again, oil retreats can be followed up to 48 USD levels. At the moment, the outlook is positive but we are at a critical resistance level. Finally, we can say the first 2017 forecasts about crude oil will be a bit positive like brent oil, but the general perspective is telling that the parity will stay under the 57 USD level in the first weeks of new year.