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InstaForex | Forex Forum | Forex world | InstaForex Forum _ Traders' discussions _ Oil trading - WTI may down below $60 this week

Posted by: Apr 28 2019, 11:41 AM

OPEC may boost oil supplies shortly is the latest expectations. The oil prices direction was up for 4-months starting from Christmas and rise from $42.35 to $66.57. In the last couple of days there are new factors that affect the oil prices. The first and most important is OPEC expectations for boost of oil supplies. The second is the sanction over Iran oil export. Iran may have options to export some low volumes oil after the new sanction.
Third and fourth main factors that affect over the oil prices are Libya and Venezuela. Libya may start to export normally oil after Haftar success in the war.
At the same time the bad news come from Venezuela from large exporter to start import oil due to electric problems and sanctions.
As overall expects to see WTI price at levels below $60 in the coming week.

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