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  • Written by Javier Yep Garcia

WTI OIL, Poised to lower prices. $28.00 in the near future.

FXPRO

WTI OIL Forecast. Medium to long term outlook.

WTI OIL, Yes we know the story, OPEC, Saudi Arabia, Iran, Russia... and their "desire" to "cut or freeze" production. Well, last 28th Sept. they said they have an agreement. But this agreement will only be revealed on November. 

Looking farther,

We think any agreement will not last (for long time). 

We can have the price of Oil going up to 55.00, 60.00 (around) and start to drop again down to 40.00, 30.00, and lower is not impossible. (Medium Long term)

Trading Idea

Currently (around 50.50) we can continue buying a little bit targetting around 55.00, 60.00, but will have to be ready to sell in case of surprise.   

The meeting in November is on eyes.

Now, Looking even farther:

USA - RUSSIA Tensions. (among other tensions, Saudi Arabia - Iran, North Korea, Middle East) Should these situations scalate, we can probably have some changes and have Oil price to go up a little bit, but in the long term still the Oil price to go down. (Updates and signals in the Trading room)

 

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