First of all, I want to remember that: Crude Oil WTI contract rolled over on Apr 20, 2017 to the Jun 17 contract. When we look at the April analysis of crude oil market, we could observe a strong positive trend in the first half of the month. But, with the beginning of the second half of April, the crude oil prices started to decrease strongly and reached under the 50 USD level at the last days of the month which was so important psychological support level in the global forex market.
We are trying to react a little after the drop in oil prices, but we are not following an effective move. In the last days of the month, we followed some developments, one of them is the declaration of the Russian oil minister was similar to that of the Saudi oil minister. At the 25 May OPEC meeting, it was stated that they would discuss that the production cutback period could be extended but it is not a clear decision. It is difficult to say that the announcement has created an effective movement on the price of oil.
When the crude oil is examined technically, it appears that the 50.20 USD support continues to hold. After a hard retreat, the petrol follows itself as a support, but the main support is passing through the 50.25 USD zone, and withdrawal may remain limited as a grip on this level continues. The main resistance stands at 51.50 USD. According to the financial experts in the global forex market, the first forecasts of crude oil market will be horizontal like the brent oil market because of the same conditions in the global oil market at the last times.
- Date: 26 April 2017 Wed 06:36
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