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WTI Crude Oil and Natural Gas Forecast October 30, 2017

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The WTI Crude Oil market initially fell during the Friday session, but then broke significantly above the $53 level. By doing so, it looks as if the market is ready to test the $55 level above, which has been massively resistive in the past. The market certainly looks as if it is going to go there, but the question is can we get above it? I think that if we do, the market probably then heads towards the $60 level. However, eventually the American start flooding the markets with crude oil as higher prices makes the sellers much more interested in offering more supply. Also, the GDP number was stronger than anticipated in the United States, so it’s likely that part of this may have been due to the idea of more demand.
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Text Comments (2)
Grapes For All (10 months ago)
Where are you getting your chart for crude?
Learn And Earn (10 months ago)
thanks!

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