Oil review on 8 of May 2017
Smaller than expected Crude Oil Inventories created some volatility, but didn’t support this asset. WTI was on its lows with the year and showed minimal price since November 2016. The drop was caused by several factors:
- Investors’ fears concerning oversupply.
- Analysts disbelief that OPEC countries will come to agreement.
- Increasing of oil output in the USA, since summer 2016, it went up by 10%.
On Friday crude oil prices gained 1.34%. It can go up to the level $48.1 and in case of support, caused by fundamental factors, reach important $50 pb. Otherwise, it can keep falling till $43.7 and even lower.
- Investors’ fears concerning oversupply.
- Analysts disbelief that OPEC countries will come to agreement.
- Increasing of oil output in the USA, since summer 2016, it went up by 10%.
On Friday crude oil prices gained 1.34%. It can go up to the level $48.1 and in case of support, caused by fundamental factors, reach important $50 pb. Otherwise, it can keep falling till $43.7 and even lower.
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