Oil prices can’t find a clear direction it seems. Watch our oil price in August 2019 analysis for our thoughts on what might happen on the oil chart and share your predictions in the comments – will it go up or down?
Crude oil futures traded in a tight range between $56-60 a barrel in July despite OPEC production cuts and the FED cutting its interest rate at the end of the month. Brent Oil is at $64.43 a barrel, while U.S. West Texas Intermediate (WTI) crude trades for $57.91 a barrel.
The overall stagnation shows no sign of being impacted by a decline in invetories that was bigger than crude oil analysis suggested, a (confirmed) drop in oil production by OPEC and non-OPEC countries alike.
The trade talks between the U.S and China have not provided any optimism and it seems the coming quarters will be slower for the global economy and for crude oil trading in general.
Oil price analysis focused market attention on the Federal Reserve, who cut their rate last Wednesday but its chairman was quite clear that this is not likely to be the first of many. Traders didn’t appear to be too happy with that idea and while many markets for indexes and stocks directly turned down, the oil price registered a relatively small, but meaningful decline of about 1.3%
Watch as we perform an oil chart analysis to combine the fundamentals with the actual price movements and with the help of technical analysis – identify the support and resistance levels to keep an eye on in the coming month.
Will the supply glut continue pulling back any chance of recovery for the crude oil price? Share your oil price forecast in the comments!
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