Brent Crude oil prices made a large gain in 2016 but sold off from its highs in 2017 due to increased supply from the US, Nigeria, and Libya. It has since bounced off a solid support level between $44-45 per barrel and is now trading within a range, supported at $44-45 and facing resistance at $53-55. Demand for oil is expected to grow by 1.5 million barrels per day in 2017.

1. Brent Crude has done two
interesting things in 2017
Deepak Singh
stateofthemarket.net

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. 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. 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. 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)