WTI Crude Oil Forecast: Traders Using Range-Bound Strategies as Market Consolidates
Considering the influence of OPEC's production cuts and the concurrent influx of SPR oil from the United States is crucial. These contrasting dynamics create a complex landscape that market participants must navigate. Moreover, concerns persist regarding global demand, with the potential for a major global recession looming. Consequently, we anticipate a continuation of the consolidation pattern, with the upper and lower limits around $65 and $75, respectively.
On the upside, significant resistance is expected to emerge around $77.50, potentially extending toward the $80 mark. The WTI Crude Oil and Brent Crude markets remain range-bound, displaying a consolidation pattern that aligns with the summer season's typically subdued trading activity. Factors such as OPEC's production cuts, the influx of SPR oil from the United States, and global demand concerns contribute to the current market landscape. WTI Crude Oil is projected to be between $65 and $75, while Brent Crude's range is expected to fluctuate between approximately $70 and $80.
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