First 2017 Signals of Crude oil Market

Crude oil is one of the most important commodities on the global forex market. We can observe that the 2016 was a positive year for the crude oil market. The starting point was at 33.16 USD level at the beginning of the 2016 year. After a positive year, the closing point was 53.17 USD for the global crude oil market at the end of 2016. The expected upward trend in oil prices has yet to be realized. Despite positive stock returns this week, there was opportunity to close their buying positions in oil. When we look at the national crude oil stocks data released by the DOE in the first week of 2017, expectations have also declined over 7.1 million barrels of stock.

When we handle crude oil technically; The declining trend of the 54.40 USD level has not yet broken. Buying near this level is risky for now, while the main support level in oil is 52.10 USD. At the same time, as long as you do not break this support, the outlook will be positive. Crude oil WTI, which is traded near the resistance zone, continues its upward trend. Finally, we can say after solving political and environmental problems on the oil market and the biggest oil producers of the world, there could be a more stable trend observed on the global oil market.