Crude oil prices were higher for most of the trading session but was not able to hold on to gains and slumped back down into its comfort level near
Crude oil prices were higher for most of the trading session but was not able to hold on to gains and slumped back down into its comfort level near the 10-day moving average at 52.83. Growing U.S. production offset OPEC cuts which has left oil prices in limbo. Overall, OPEC achieved 82% compliance with its promised production cuts, well above most market forecasts.
Support on crude oil prices is seen near the January lows at 51.59, while resistance is seen near the January highs at 55.20. Traders await the API inventory report scheduled to be released later on Tuesday. Momentum is neutral as the MACD (moving average convergence divergence) index is printing near the zero index level with a flat trajectory which reflects consolidation.
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.
