Oil prices will reach $30 per barrel this year according to Bank of America

Oil prices have recorded its lowest levels in nine months during this week and the American crude gets near from the price 42 USD for the barrel and Brent oil achieved to lower than 44.50 USD for the barrel, and this came because the fears about the numerous of displays in the international markets have back.

 

And the strategic analysis Paul Sienna in Bank of America-Merrill Lynch that this a strong decreasing may continue to take a decreasing curve in the market and according to the technical analysis may achieve to 30 USD for the barrel.

oil prices

oil prices

According to Sienna technical analysis since the beginning of 2017 and till this month Texas crude takes it decreasing way after its recorded the highest level in this year at 54 USD during February and since this time has decreased to 20%, added that prices are trading in a low channel.

 

From the basic side observed that this decreasing came even OPEC efforts to decrease the production by cooperating with the big producers from outside the organization and their commitment percentage achieved to 106% during this month.

 

 Oil prices are stable today Friday 

 

Crude oil prices trying to increase during trading today Friday for the second session respectively, this came while waiting for the market to issue the preparing of oil refiners and rigs in the United States report.

 

The future contracts of the American crude oil are now trading at the level 42.82 USD for the barrel after it records the highest level 42.87 USD for the barrel while it opened today’s session at the level 42.76 USD for the barrel and was recorded the lowest level at 42.75 USD for the barrel.

 

The markets get enough from the prices levels back down and that’s encouraging them to start buying process to gain profits, but the waiting for the preparing of oil refiners and rigs in the United States report limited the crude oil gains.

 

The American energy agency report observed a decrease in American crude of crude oil by 2.5 million barrels during last week from last decreasing by 1.7 million barrels and the expectation too was decreasing by 1.2 million barrels.

The backing down of American stocks from crude oil helped to stop the crude oil losses, but the increase in shale oil production rate in the Unite States forced the prices to decrease generally.

 

Mohammed Abdelkhalik

Mohammed Abdelkhalik

Professional Trader and Analyst at TradingBroker.co.uk
Professional Trader and Analyst, economist in Financial and Forex market  since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex & Binary Options trading companies in both English and Arabic on a daily basis.
Mohammed Abdelkhalik

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