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  • Market News
  • 16 June 2017 :: WTI Crude Oil: general analysis
16 June 2017

WTI Crude Oil: general analysis

By Kristina Leonova: Chief Analyst in the Investment Research Department

WTI Crude Oil: general analysis
During the yesterday trading session the oil price lowered to the level of the 6 week minimum, being pressed by the maintaining of the oversupplied recourses and the doubts in the OPEC capacity to imply the oil limitation agreement.
The USA EIA report showed the growth of the daily oil production by 0.13% (by 12K barrel per day), which reached the level of 9.330 million barrel, the gas resources grew by 2.1 million barrel to 24 2.4 million barrel.
The commercial oil resourced lowered by 1.7 million barrel to 511.5 million barrel. The analysts expected the lowering by 2.739 million, so the data disappointed the market participants.
In addition the prices were pressed by the IEA report, which shower the growth of the OPEC oil production by 290K barrel per day in May, which the maximum of 2017.
The publication makes the investors to doubt if the OPEC and exporting countries oil limitation agreement is efficient.
The price is moving within the downward channel. On the daily chart the instrument met quite strong support level of 44.40. MACD is below the zero and signal line, Stochastic is pointed downwards. The indicators give a sell signal.
Resistance levels: 45.50, 46.50, 47.50, 48.25.
Support levels: 44.40, 43.00, 42.00.

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About the author
Kristina Leonova
Kristina Leonova
Chief Analyst in the Investment Research Department

Kristina Leonova is an up and coming market specialist - currently in the process of obtaining The Chartered Financial Analyst Degree in CFA Institute.

She began her career at Liteforex (ex. Mayzus) at only 20 years old, holding the position of the Assistant of the Chief Financial Officer.

She has since become invaluable to the Company, holding the position of Chief Analyst in the Investment Research Department, and now is also responsible for our world renowned market reviews.

She has a keen eye and a good gut instinct when it comes to analyzing the markets, always staying at the top of her game, with her work often being published on other websites and news vendors.

Mayzus is excited to welcome her as our new, top financial analyst.

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