The oil markets are playing an important role in world economies at the last times. After the OPEC’s decision about limiting oil production between member countries, we can say that the first signals came positive from the members. And, the oil market is pricing the latest developments from the market.
According to official sources, daily oil production amount started to show a decrease after OPEC’s decision. As of January 31, OPEC's daily oil production has decreased to 32.31 million barrels per day. OPEC production declined, while weekly trade stocks in the US rose during January.
When we deal with Brent oil technically; we are faced with a weakening appearance in the last week. Brent will be important in terms of commodity direction of breaking the jamming oil field. Moving below the 54.75 USD level oil price at this point may accelerate the downward trend in the technical outlook. On the contrary, if climbing back to the resistance level of 57.20 USD, the closure of this level will accelerate the upward movement of the oil price.
Finally, when the crude oil is examined technically, a calm appearance with a horizontal band is maintained. While a short and long-term average converges, we see 54.45 USD as the main resistance of the horizontal band and 52.65 USD as the main support of the horizontal band.
- Date: 23 February 2017 Thu 06:02
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