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Oil Price Forecast – Crude Falls Below $50, Bounce From Trendline?

collected by :Jack Alex

Hence, we should wait on the sidelines and go long in the markets when oil prices bounce from the trendline support.
Crude oil prices are back below the $50 a barrel mark, after trading consistently above it since 08 December 2016.
Crude oil has broken down of the horizontal support and can now fall to the trendline support.
The markets, however, are fixated on the US crude oil supply and the rig addition.
The bounce from the trendline has been strong on the previous two occasions and we believe that it will be the case this time too.

as declared in

TSX Barely Budges Despite Oil Price Plunge — Canadian Commentary

Bargain hunters found value in the oil patch after Shell divested its oil sands business to Canadian Natural Resources, but lingering weakness in the gold and financial sectors prevented a rally in the broader market.
Shutterstock photo(RTTNews.com) – Toronto’s index was flat Thursday, as energy stocks withstood another huge drop in oil prices.
In corporate news, Canadian Natural Resources (CNQ.TO) will pay $8.5 billion to Royal Dutch Shell in cash and stock for 60 percent of its Athabasca Oil Sands.
Traders paid close attention to oil prices, as WTI crude oil slipped to fresh 2017 lows.
Canadian industries operated at 82.2% of their production capacity in the fourth quarter, up from 81.6% in the previous quarter, Statistics Canada said.

TSX Barely Budges Despite Oil Price Plunge -- Canadian Commentary*/

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Oil Price Drop Triggers a ‘Herd Mentality’ of Selling

Oil Price Drop Triggers a ‘Herd Mentality’ of Selling*/

Daily domestic oil production averaged 8.9 million barrels last year, and the Energy Department is forecasting an average of 9.2 million barrels this year and 9.7 million barrels in 2018.
Reports of disruptions in Libya were one reason oil prices began trading on Friday higher before slumping again to below $49 a barrel.
Advertisement Continue reading the main storyIn the past, such agreements had been spoiled by cheating.
Around the world, commercial oil inventories are about 300 million barrels above the average over the past five years, which is weighing on prices.
The immediate impetus for the drop in prices was a report by the Energy Department that United States oil stockpiles had bulged by 8.2 million barrels over the past week.

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