The oil market is not fairly positive what it needs to do. This week, OPEC prolonged its manufacturing minimize, the Saudis raised costs and US inventories tightened. However that wasn’t sufficient to get oil by way of $80 because it tried on Monday, Wednesday and as we speak. Regardless of touching above $80 on a pair days, it failed to shut above and by no means even matched final week’s intraday excessive of $80.85.
That is not a terrific signal for crude, although the seasonals are nonetheless constructive for March and April so there’s room for optimism. It pulled again to $77.84 as we speak after failing at $79.99 so there are clearly technical gamers concerned. We are going to see if alerts from the bodily market subsequent week can re-assert themselves. In any other case, a fall beneath $77.50 may very well be hassle.
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