What will be the oil price in June 2019? Has the Crude Oil price peaked for this year? Is the recent drop to $58 a bump in the road or is it the start of a new downtrend? Watch as David Jones, our Chief Market Strategist here at capital.com, discusses these issues.
In this crude oil analysis we look at the oil chart in depth, to understand the active support and resistance levels and the merits of the bullish and bearish cases for June of 2019.
Crude oil trading has been quite volatile of late, making many day traders happy when they get their oil price analysis right. But the oil chart of late has shown oil prices droping to levels that are not in line with OPEC’s goals (with Russia and Iran probably feeling the same way). OPEC members have made it no secret that they want oil prices around $80 and that they will use the levers available to them, to keep the oil price in 2019 close to that number.
But supply seems to be just too much right now and any oil price forecast has to take into account the glut that’s been created.
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