Crude Oil may have found a floor thanks to OPEC

Commodity Review Crude Oil

CL – Crude Oil Futures

Crude Oil has seen some increased volatility lately as prices are held down thanks to global uncertainty and increased inventories and a supply surplus. This surplus will take some time to work through the system and market so buyers have shied away from diving back in to the action. We are now seeing OPEC start to take steps to put a floor under price which is expected to eat away at the supply and therefore bring buyers back into to support and rally price back towards $60 a barrel. Technically, price action still has some work to do to push up and out of the current consolidation and through resistance at 54.27. Once we see this play out, then focus may return to the energy sector and breath some life back into some shares for long awaited setups.

Short Term Energy Outlook – Crude Oil

Index Code : CL – Crude Oil Futures

Current Price : 52.45

Crude Oil Futures Price