Bahrain announced on Wednesday the size of the oil reserves in the giant discovery that it had made, and figures dwarf the proved reserves that the island kingdom in the Persian Gulf had prior to the latest oil find. What is the current estimate? Examine this 5 April WTI Crude Price Fundamental Analysis.
5 April, GKFX – The huge discovery in west Bahrain, named Khalij Al-Bahrain Basin, is estimated to hold more than 80 billion barrels of oil, Oil Minister Sheikh Mohammed bin Khalifa Al-Khalifa said at a press conference on Wednesday.
The volume of natural gas at the field is estimated to be between 10 trillion and 20 trillion cubic feet, AFP quoted the minister as saying on Wednesday. Meanwhile, crude oil has stabilized and WTI is holding on the high side near 63.60 after falling in the early week.
Crude prices are still cycling around March’s midpoint
Trade flare-ups over the weekend proved too much for crude oil, and WTI knocked back from the 65.40 region to trade into 62.00 before recovering with broader markets, lifting back into the 63.00 area.
Oil wasn’t able to track the broad market recovery back to the highs, however, as oil supply from Russia continues to creep upwards despite the OPEC’s agreement to try and constrain oil output in the face of low oil prices, and the American oil stocks continue to be flooded despite the closure of several oil rigs recently.
5 April WTI Crude Price Fundamental Analysis
The challenge for oil bulls will be to extend the bullish correction after rejecting the 34-day EMA at 63.00, and further support sits at the low just above 62.00, but immediate resistance sits at late March’s swing low of 64.15 with further resistance at the level to beat for further gains this year, 66.25.
This article 5 April WTI Crude Price Fundamental Analysis 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.