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CRUDE OIL Forecast And Technical Analysis Dec 4th

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Crude Oil Forecast And Technicals:

In International Energy Agency monthly report, 2018 global oil demand is revised from 99 million to 99,1 million. OPEC extended the supply cuts and the rapid recovery in global economic growth are causing oil prices to remain high.

Crude Oil made an attempt on Friday and tested 59.00 USD and pulled back towards the support region.

The surge in DXYis limiting the gains in Crude Oil. We might see Crude Oil prices trading in a range 54.50 - 59.00 USD until the end of the year. And 59-63 USD in the first quarter of 2018.

Large energy speculators boosted their bullish net positions to a new record high in the WTI Crude Oil futures markets this week following a down week last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totalled a net position of 609,833 contracts in the data reported through Tuesday, Nov 28th This was a weekly rise of 32,755 contracts from the previous week which had a total of 577,078 net contracts.
Speculative positions have ascended above the +600,000 net contract level for the first time and have now gained for six out of the past seven weeks as oil sentiment has surged.

Technical Levels:

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This article was written by Emre Tutucu for http://www.fxters.com/crude-oil-forecast-technical-analysis-dec-4th/ on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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