Crude oil broke another technical barrier this week and further
distanced its current performance against memories of the aggressive
bear market of 2014-early 2016. In short, a banner week is in the books
as Brent Crude broke $80/bbl and has risen by +18.5% Year-to-date, and
research was recently published about the knock-off effects of $100/bbl
oil. You would have a hard time arguing that a crash is imminent as the
world is now considering how it will cope with Oil potentially moving
25% higher.
Supportive Factors
Crude has been blamed for overheating for the better part of the
year, but the trend has continued. What’s more, when looking at WTI and
Brent, the premium that Brent has to WTI or the WTI-Brent spread is
blowing out.
USOIL
| S1 | 70.74 | W | R3 | 73.25 | S | ||||
| S2 | 67.1935 | M | R2 | 73.00 | M | ||||
| S3 | 61.81 | S | R1 | 71.34 | W |
VINVESTMENT OF INDIA
AVINASH LOKHNDE
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