Oil Price Forecast (technical analysis) - Feb 17

[dan_s]

"For WTI a minimum retracement of the recent decline to the 38.2% Fibonacci retracement of $55.55 seems likely. After that, the next more significant resistance zone is around $57.40 to $57.48."
Read more: https://www.fxempire.com/forecasts/arti ... ces-633908

MY TAKE: All we need is less FEAR of the coronavirus and WTI will move back to a trading channel that points to $65/bbl within six month. If Russia can agree with OPEC that another 600,000 BOPD cut through June is justified, then WTI will bounce back quickly.

Keep an eye on the situation in Libya. Weapons and foreign mercenaries have been pouring into the war-torn north African country. If not for the coronavirus, WTI might be testing $70/bbl now.

Libya’s latest cycle of violence has pitted Gen Khalifa Haftar, the leader of the Libyan National Army, against the UN-backed government of the prime minister, Fayez al-Sarraj.

Haftar is being funded and armed by the United Arab Emirates, while Russia has provided mercenaries. Sarraj is being supported by Turkey, which has sent as many as 2,000 fighters from Syria. Europe’s diplomatic clout has been hampered, as EU nations have found themselves on opposing sides, with France supporting Haftar and Italy backing Sarraj.

https://www.theguardian.com/world/2020/ ... ms-embargo

https://www.aljazeera.com/news/2020/02/ ... 18356.html