Crude oil futures are continuing to slump near lows, and WTI prices are remaining trapped near the major $70.00 barrier. What next should traders expect? Find out in the following 13 July Crude Oil Price Fundamental Outlook.
13 July, GKFX – Oil prices plunged 5% on Wednesday after it was reported that Libya’s export terminals are set to come back online soon, but the still-ongoing Syncrude shortage in Canada has yet to be resolved, and WTI could be pulling some last-level support from the constraint on US reserves, which have contracted by more than expected recently as US refineries struggle to tighten up the slack from restrained Canadian crude supplies.
The US is still seeking to lock Iran out of global markets
OPEC and Russia have jointly increased their output production from June, helping to alleviate oil prices, which struck into multi-year highs recently as demand steadily chips away huge oversupplies that hung over crude markets from US overproduction.
The US’ mission to see Iran locked out of global oil markets from November is seeing bouts of fear seep into crude prices, keeping a floor underneath the recent drops.
13 July Crude Oil Price Fundamental Outlook
With WTI knocking back into the 70.00 key barrier, support is firming up from late June’s swing high of 69.50, while a bullish turnaround will have to face resistance at last week’s dip of 72.20, with highs capped off by multi-year highs near 75.35.
This article 13 July Crude Oil Price Fundamental Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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