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State of Crude Oil in 2017

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Brent Crude Oil has done two very interesting things in 2017

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State of Crude Oil in 2017

  1. 1. Brent Crude has done two interesting things in 2017 Deepak Singh stateofthemarket.net
  2. 2. Brent Crude made a BIG BIG move in 2016: Up 52% for the CY OPEC announced production cut by year end and it looked like 2017 would be another great year But here’s what Brent Crude has done in 2017
  3. 3. Number 1: Brent Crude Sold off from the HIGHs in 2017 Why? Big spike in Oil Supplies in 2017 thanks to increase in US Production plus Nigeria + Libya opening up production tap wide this year
  4. 4. Thing # 2: Brent Crude bounced from $44-45 making it a solid support level The IEA now sees Oil demand growing by 1.5 million Bpd this year, reaching 97.6 million Bpd
  5. 5. THANK YOU Brent Crude is now a rangebound play with support at $44-45 and Resistance at $53-55 Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers Twitter id: smarket ChartSource: Chartlaert.com State of the Market Presentation (www.stateofthemarket.net)

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