WTI: gigantic growth, strong correction

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Techniniai 12:04, 16.09.2019

Source: TMS Brokers

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Daily chart OILWTI. Source: TMS

WTI oil prices quench the gigantic nighttime growth, but remain impressive, with a 9% rise above the opening. The road to a deeper pullback closes the summer highs zone around USD 59 per barrel. The key resistance is currently at USD 60.90 per barrel, that is, this summers maximum. In our opinion, a new level of equilibrium will be formed in the oil market, after such a strong blow, a return to the last low levels seems unlikely. In addition, Reuters reports on the extent of the destruction, and it would not be surprising if Saudi Aramcos total return to normal oil production volumes could take at least 3 to 6 months.

Atgal

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Atgal

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