Crude Oil on Wednesday 12th July 2017, Crude Oil July futures prices Up by (37) pts (1.27%) closed at 2949, trading range between 2910 – 3000. Crude oil for August delivery on the New York Mercantile Exchange settled at $45.49 a barrel. Oil prices dipped early on Thursday as producer club OPEC said it expected demand for its crude to decline next year as rivals pump more, pointing to a market surplus in 2018 despite efforts to tighten the market.

Technical Outlook:

Crude oil prices are seen consolidating in resistance place which reflects the indecision towards further direction. However, there was a second attempt to touch resistance at $46.50(3000). When the inventory report was released this week and the previous week it could be noticed that it is difficult to break strong hurdle resistance place.

For the Last couple of days Crude oil prices reacted and the previous resistance became support at $44.90(2890) and next strong resistance will be $46.50.(3000). The profit target is measured by taking the height of the actual pattern and extending that distance up from the neckline.

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