WTI Crude Oil Is Trading Lower In The Asian Session Friday
$USO
WTI Crude Oil prices advanced 1.19% Vs the USD for the 24 hr frame ending 23:00GMT, closed at 46.69, as the ECB hinted towards additional QE, which could increase its demand outlook.
In the Asian session, at GMT0300, WTI Crude Oil is trading at 46.58 or 0.24% lower from Thursday’s close.
WTI Crude Oil is expected to see 1st support at 45.34, a break there could push it to next support at 44.11.
WTI Crude Oil is expected to see 1st resistance at 48.11, a break there could drive it to next resistance at 49.65.
USO is showing convergence with its 20 Hr MA, and trading above its 50 Hr MA.
Crude Oil has fallen this year even US gasoline demand expanded, stimulated by a growing economy and low prices. Total gasoline supplied to the US market rose to an 8-yr high of 9.7-M BPD last month, according to US Department of Energy data.
WTI Crude Oil could fall to as low as 10 bbl as the Organization of Petroleum Exporting Countries (OPEC) engages in a “Price War” with rival producers, testing who will cut output 1st.
Iran is soon to release 53-M bbl to the market and will be producing up to 1.5-M BPD in 6 months or so.
Long term outlook for both Brent and WTI Crude Oil is due South.
OPEC says it will cut production, and are going to see who can stand lower prices longest, since October of 2014 HeffX-LTN sees that Crude Oil is likely is headed for 20 – 22 bbl in the mid term.
Stay tuned…
HeffX-LTN
Paul Ebeling
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