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USOil range bound and topped out at $54 for now

Market Analysis

USOil, Daily              

USOil pulled back from Thursday’s $54.06 highs, falling to $53.24 lows in London, before recovering to current $53.65 levels. Range trade mentality has continued, keeping the contract inside of a rough $51.00 to $54.00 trading band for over a month now. This is expected to continue until the market gets a better sense of how much upped U.S. shale production is offsetting agreed OPEC production cuts. The next clue on U.S. output comes at 18:00 GMT, when the weekly Baker-Hughes rig count report is released. Recall last week, the report revealed a large 29 rig increase to 551, the most since November of 2015. A break over the $54.00 cap has yet to be sustained.

https://analysis.hotforex.com/ has had a 100% start to 2017 with five trades achieving both Targets 1 and 2 and a four trades hitting target 1 for a total net gain of 3344 pips.

 

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Stuart Cowell

Senior Market Analyst

HotForex

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