Global oil markets concerned about crude oil prices below $45, as the US rising oil output adds to the worries. What is ADS Securities crude oil outlook?
22 June, ADS Securities – The Brent Crude traded with a bearish tone in the last session, as investors remained concerned that rising global crude glut would continue to offset OPEC’s efforts to rebalance oversupplied market.
Markets concerned about crude oil prices below $45
As of now, the commodity is trading within a narrow range of $44.55- $45.00 on the 1H chart, reflecting at a neutral technical outlook. However, the MACD indicator witnessed a signal line crossover from below, hinting at possible bullishness over intraday basis. Immediate resistance is situated at the $45.00 level, followed by the $45.30 and $45.80 where EMA 55 is trading.
A break above the latter might lead to strength in the oil prices. On the other hand, key support is located at the $44.30 level, followed by the $43.90 and $43.50 levels. A breach below the latter might trigger further bearish pressure on the Brent crude.
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