Oil Price Inches Up On Saudi Arabia Comment To Curb Exports

Oil Price Inches Up On Saudi Arabia Comment To Curb Exports

RESISTANCE is at the previous bull market high of $67 that the oil price should experience some difficulty clearing. If you own or are planning to buy oil stocks, be very careful. These are our planned prices this year, he further adds.

There is a significant geopolitical implication for OPEC and the oil producers in the Middle East from the test loading of a VLCC at LOOP.

But there's one thing that mainstream seems to be getting wrong. Crude oil demand is highly correlated to economic growth. It will reassure those Americans that fear the U.S. is always being held to ransom by Middle East, even though the United States spends a huge amount on defending the regions' oil fields - think Desert Storm and all that. Don't be shocked if the oil market is flooded, despite the demand increasing.

The U.S. Energy Information Administration said early this month that U.S. output would exceed 11 million bpd by late 2018.

Industry data on USA inventory levels are expected from the American Petroleum Institute after the market closes. And that means even minus 70 thousand barrels of oil on the market. It's not out of the question to see a US production record for oil soon. Why? The underlying message of the United States deputy energy secretary and the test loading of the VLCC at LOOP is clear, the U.S. is looking after number one, aiming to be number one, and the Middle East oil producers can look after themselves.

Looking at the bigger picture, prices are expected to continue to be underpinned over the longer-term as long as Saudi Arabia and other major producers continue to remain committed to reducing output in order to trim the global supply glut and stabilize prices.

Analysts said oil prices.

Between 2000 and 2014, the country's oil and gas production witnessed consecutive demand.

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Barclays' commodities chief, Michael Cohen, reckons there is "a significant risk of a market correction in the second half of this year as inventories begin to build again".

"A major factor putting downward pressure on US crude inventories has been the combination of fewer imports and more exports", Platts Oil Futures Editor Geoffrey Craig said in a statement.

TREND CHANNELS clearly illustrate that the oil price rally got a little carried away in January, hence the correction.

Eventually, when reality kicks in, we could be seeing investors rushing to sell.

ELLIOT WAVE - Suggests that the oil price is now in a corrective B wave rally and thus likely to result in a C wave decline back towards the $58 low and perhaps a little lower.

With all this in mind, it may not be a bad idea to rethink oil stocks and related investments.

In its supporting budget plan documents, the federal government predicted a drop in oil prices.

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