Crude hit a high of 44.32 highs overnight but was unable to gain traction and closed nearly unchanged at 44.13. The IEA said it expects prices to recover
Crude hit a high of 44.32 highs overnight but was unable to gain traction and closed nearly unchanged at 44.13. The IEA said it expects prices to recover to the $80 per barrel region by the end of the decade, as dried up capital investment, which has put dozens of exploration projects on hold, will eventually impact production levels. This news did nothing to support prices, as the market remains over-supplied.
Support is seen near the October lows at 42.59. Resistance on crude oil prices is seen near the 5-day moving average at 44.76. Momentum remains negative with the MACD printing in the red with a downward sloping trajectory.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
