WTI Price Fundamental Outlook


As WTI oil extends decline for the second consecutive session, dig into the 30 January WTI Price Fundamental Outlook for more.

30 January, GKFX – WTI crude oil fell for the second consecutive session on Tuesday and slipped farther below the $65.00/barrel mark.

A jump in the number of rigs drilling for oil in the US, as revealed by Baker Hughes report on Friday, now seems to be fueling concerns of a rise in domestic production.

30 January WTI Price Fundamental Outlook

Higher oil prices have been motivating the US shale producers to increase production and could be seen as one of the key factors dragging the black gold away from more-than three-year highs set last week.

Adding to this, a goodish pickup in the US Dollar demand further dented demand for dollar-denominated commodities and was seen collaborating to the commodity’s ongoing corrective slide.

Market participants will now be looking ahead of the latest EIA report on Wednesday, which will offer a fresh view on the US crude output/supplies and eventually provide some fresh directional impetus. Nevertheless, the commodity still remains on track for the fifth consecutive monthly gains in January.

Disclaimer

This article 30 January WTI 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.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

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