The demand for Crude oil remains robust and this is keeping crude prices higher. The 12 December Crude Oil Price Forecast discusses a little more on this.
12 December, Swissquote – Crude oil prices pushed higher on Monday still, it continues to trade in a tight range at elevated levels. Inventory data has been mixed over the past few weeks, however, what is obvious is that refiners are working at higher than normal levels in a bid to take advantage of large refining crack spreads.
The demand for the product remains robust, thus keeping crude prices higher. However, there are members of OPEC that desire to overproduce, which when combined with robust U.S. production, could make an impact on prices.
12 December Crude Oil Price Forecast
• Crude oil is back to monitor resistance given at 59.05 (24/12/2017 high). Support is given at a distance of 54.81 (14/11/2017 low). Expected to bounce back lower.
• In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. For the time being the pair lies in an upside momentum. Strong support lies at 35.24 (05/04/2016) while resistance can now be found at 55.24 (03/01/2017 high).
This article ‘ 12 December Crude Oil Price Forecast ‘ was written by Yann Quelenn, Market Analyst at Swissquote.
While every effort has been made to ensure that the data quoted and used for the research behind this document is reliable, there is no guarantee that it is correct, and Swissquote Bank and its subsidiaries can accept no liability whatsoever in respect of any errors or omissions, or regarding the accuracy, completeness or reliability of the information contained herein.
This document does not constitute a recommendation to sell and/or buy any financial products and is not to be considered as a solicitation and/or an offer to enter into any transaction. This document is a piece of economic research and is not intended to constitute investment advice, nor to solicit dealing in securities or in any other kind of investments.