collected by :Jack Alex
Watch the oil price action and read the order flow at $47.14 all week.
With the U.S. on holiday, and the trading session limited and shortened, most traders aren’t paying attention to today’s price action.
August West Texas Intermediate crude oil futures are trading lower in today’s limited trading session.
ForecastBased on the current price at $46.94, the direction of the crude oil market the rest of the week will be determined by trader reaction to the 50% level at $47.14.
Trader reaction to this level will tell us if the buying is getting stronger or if sellers are retaking control.
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Decoding America Crude Oil Price predictions and Moving Averages
Goldman Sachs thinks that rising crude oil production in the United States, Libya, and Nigeria could pressure crude oil prices.
Why Brent and US Crude Oil Futures Could Make a U-Turn PART 5 OF 5Decoding US Crude Oil Price Forecasts and Moving AveragesUS crude oil moving averagesAugust US crude oil (VDE) (IEZ) (XES) futures are trading above their 20-day moving average of $45 per barrel as of July 3, 2017.
and US Crude Oil Production and Rigs Drive Prices to learn more about crude oil.
Crude oil price forecastsThe latest forecasts from Goldman Sachs estimate that US crude oil prices could average $47.50 per barrel in the next three months, $7.5 per barrel lower than the previous estimate.
Read Looking Ahead: Natural Gas and Crude Oil Prices Next Week for more on natural gas prices.
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Oil Price BASIC Daily prediction – businessmen Eyeing America Production; Geopolitical Events
At 0414 GMT, August WTI crude oil is trading $46.98, down $0.10 or -0.21% and September Brent crude oil is trading 49.57, unchanged.
The key level to watch for August West Texas Intermediate crude oil traders is $47.14.
In the absence of any major supply/demand news today, the direction of the September Brent crude oil market is likely to be determined by trader reaction to $49.78.
International Brent and U.S. West Texas intermediate crude oil are trading flat to lower early in the session on Wednesday.
However, the focus for traders should continue to remain on U.S. oil production and the rig count.