A new leg down on crude oil in the last 24 hours suggests that entire cycle from April highs is a bearish structure and it indicates on greater weakness ahead, but after a three wave bounce. Currently 5th wave of A is buying and selling around the potential support levels of 47.00.
Crude Oil may reach $70-80 range in 2019 & 2020
Nizar Al-Adsani, head of Kuwait’s national oil organisation Kuwait Petroleum Corporation (KPC) posts optimistic feedback on oil market basics, noting that oil demand may be ‘enormous’ as international investments have been slashed, within the wake of the oil rate crash.
Al-Adsani expects ‘enormous demand’ for crude oil in 2019 and 2020, with oil costs probable within the US$70-80 range per barrel.
He adds, “it’s a given” that we will not see oil at US$100 per barrel anymore, and sees the spot of rates inside the US$50-60 range for all – manufacturers, purchasers, worldwide oil agencies and shale drillers.
Current Crude Oil Status:
Currently, Crude Oil is trading at 47.72, down -0.21%, having posted a daily high at 47.75 and low at 47.59.
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