According to an April 12 note from Barclays, oil prices could rise due to the “perfect storm of stagnant supply, geopolitical risk, and harsh winter,” That said, how are expectations of rising US crude production and stockpiles weigh affecting the black gold? Gain insight into this 17 April WTI Crude Oil Price Technical Forecast.
17 April, GKFX – WTI (oil futures on NYMEX) took a sharp U-turn from just ahead of the 66 handle and reverted towards the usual range near 66.30 levels, as the bulls try hard to take on the recovery back above the $ 66.50 barrier.
Concerns over Middle East supply disruptions fade
The black gold ran into new offers after the US dollar caught a fresh bid-wave across its main competitors while expectations of a surge in the US shale oil output levels combined with nervousness ahead of the US weekly crude supplies report also weighed negatively on the prices.
However, the bulls quickly regained footing amid potential supply disruption concerns should the US renew the sanctions against Iran. Meanwhile, the political and economic crisis in Venezuela could also keep a check on the country’s oil output levels.
Focus now shifts towards the American Petroleum Institute (API) weekly US crude inventory data due later in the American afternoon for fresh direction on oil prices. In the meantime, markets digest the latest remarks from the International Energy Agency (IEA) Executive Director Faith Birol on the oil markets.
17 April WTI Crude Oil Price Technical Forecast
At $ 66.25, the next resistances are aligned at $ 66.84 (5-DMA), $ 67.40 (classic R1/ Fib R1) and $ 68 (round number). To the downside, supports are located at $ 66 (Apr 12 low), $ 65.15 (10-DMA/ Apr 11 low) and 64.50 (psychological levels).
This article 17 April WTI Crude Oil Price Technical Forecast 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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