The recent selloff by crude oil might have been excessive; now a bounce seems possible.
Oil Price Rebound Prospects Post-Fed Statement and Production Cuts
Losses by American light oil since the Fed’s statement last week could be reversed in the next few days and the price might bounce, possibly retesting the latest high around $92.
The main long-term narrative remains Russia and Saudi Arabia’s cuts to production with the USA’s production also falling recently.
The key release this week is final American GDP on Thursday but traders are also looking ahead to Chinese PMIs this weekend for clues on oil’s direction early next week.
Crude Oil Forecast Video for the Week of 27.09.2023, by Antrea Themistokleous & Michael Stark
Michael is a financial content manager at Exness. He's been investing for around the last 15 years and trading CFDs for about the last nine. He favors consideration of both fundamental analysis and TA where possible.
