|02-10-2015, 02:03 PM||#1|
Crude oil holds steady after touching $53.50 a barrel
Oil prices’ trading was somewhat quiet on Tuesday with a negative tendency, after touching $53.50 a barrel for the third time since the beginning of February.
Oil movements were not affected by the Chinese data released over the weekend, which showed contraction in imports not seen in China since five years, alongside the decline in the Chinese Consumer Price Index.
The current price consolidation is due to the following:
First: The optimistic statements of the Secretary General of Organization of Petroleum Exporting Countries (OPEC) Abdullah Al-Badri, which forecasted high levels of demand during 2015.
Second: The technical factor, where there was an urgent need for an upside correction after the consecutive plunges witnessed during the second half of 2014 as showing on the daily graph below.
Oil prices are expected to rise further if buyers managed to breach the strong resistance $53.50 a barrel, and perhaps target $60.00 a barrel.
|مواقع النشر (المفضلة)|
|الذين يشاهدون محتوى الموضوع الآن : 1 ( الأعضاء 0 والزوار 1)|
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