Oil prices edged lower on Monday and trade lower on Tuesday, extending falls from the previous day, as the relentless rise in U.S. crude output weighed on markets.
U.S. crude oil production soared past 10 million barrels per day (bpd) in late 2017, overtaking output by top exporter Saudi Arabia.
U.S. production is expected to rise above 11 million bpd by late 2018, taking the top spot from Russia, according to the International Energy Agency (IEA).
Crude Oil 4hr chart has formed "Falling wedge” pattern. The last session ended up bearish in trend after retesting the channel’s resistance slope line. The market is expected to continue in bearish, once the same breaks below the key support level holding at $61(3961). The downside rally could test all the way through $60-59(3896- 3831) levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might turn to bullish. The upside rally could test $62-63(4026-4091) levels. Resistance holds at $63(4091).
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