Oil, gas and mining

Oil Price Analysis in January 2020 | Still Some Upside Left?

The year has only just begun, but the oil price chart analysis in 2020 has already seen some volatile movement. And all of it has had to do with the very real possibility of a new war starting in the Middle East when a top Iranian general was killed by a US drone strike. This drove oil prices up last Friday, January 3rd. However, as tensions have eased and the threat of war seems to no longer be as apparent, the oil chart analysis saw a significant dip.

Namely, the oil price is now down even lower than the point it was at before the drone strike. And with these latest developments on the global geopolitical scene, investors are now more eager to focus on the US crude oil price in January 2020. Brent crude, for instance, dropped almost 5% and WTI fell close to 6%.

Some experts speculate that there is currently way too much supply on the market, which will likely be responsible for a further downward tendency in the oil price technical analysis this year. And further supporting this forecast for the oil price in 2020 is that the world’s biggest oil producer has experienced a rise in crude stocks, contrary to predictions. What’s more, gasoline inventories went up too, reaching a four-year high.

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