After an unimpressive OPEC+Non-OPEC meeting was held at the start of July, it seems we’re back to square one for the oil price. Watch our oil chart analysis to see if anything will be able to push the Crude oil price outside the $50-60 range which has proven hard to breach over the last months.
Even though all major oil exporters agreed to production cuts, the oil chart barely moved in response. After a more detailed oil price analysis, it does appear that traders had already calculated this expected news in the price, so it didn’t come as a surprise to them at all.
So it seems we’re back to tracking the larger oil industry trends, where other energy sources are becoming cheaper and cheaper and developed countries are moving away from oil consumption, while developing nations are relying on it more and more. The oil price in 2019 has moved with the ebb and flow of this larger issue, as well as with new oil discoveries, rig and refinery capacity. So a July oil price forecast should take into account both the technical analysis and the fundamentals.
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