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Global Glut Output Still Pressure Oil Levels Despite OPEC Efforts, Eyes on U.S Inventories

19 July 2017 05:17 PM BDT
Global Glut Output Still Pressure Oil Levels Despite OPEC Efforts, Eyes on U.S Inventories

FxGrow Daily Technical Analysis – 19th July, 2017 By FxGrow Research & Analysis Team Global Glut Output Still Pressure Oil Levels Despite OPEC Efforts, Eyes on U.S Inventories Crude Oil still fails to close above $47 level, developing a habit with a sharp slip as a phobia. Through out July, crude oil was seen flirting with $47.00+, and yesterday, oil peaked to $47.12, giving potential for further advance, then failed to guard gains and closed at $46.41. Currently oil is trading at 50 EMA level at $46.46 intraday, and in case market closes above it, we could see some further gains in the coming days. Fundamentally, market is still receiving mix signals between OPEC pledging for further actions to curb global output and U.S increasing inventories that was reported yesterday. Libya and Nigeria has exceeded previous June levels with a report showing that both countries recorded a 3M bpd yesterday. Saudi Arabia, along with other OPEC countries still ... For more in depth Research & Analysis please visit FxGrow. Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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