Crude oil prices edge up as Venezuelan supply trouble

Crudeoil

08-06-2018 10:50AM

WTI crude oil prices edged higher on Thursday as the exports dropped exports from Venezuela and diminishing worries that OPEC is about to raise production cut back sustained sentiment.

Algeria's oil minister said OPEC would balance the market rather than on easing production cuts would be the focal point.

The optimistic comments pursued similar comments from Iraqi's Oil Minister, who said that a production increase in the second half of the year was not on the agenda for the June 22 OPEC meeting.

OPEC and other producers, including Russia, have collectively cut output by 1.8 million barrels per day since 2017 to rid the market of excess supplies.

U.S. Baker hughes Oil rig count Time Actual Forecast Previous
Crude oil - U.S. Baker hughes Oil rig count 10.30 PM ----- ----- 861

Technical chart


Crude


Technical outlook

Crude oil prices closed higher Yesterday and the daily chart has formed a “falling Wedge pattern “. In this pattern, the prices broke the resistance line at $ 65.40 and is now planning to move towards retested resistance line which was the previous support and has now become the resistance line (an upward sloping trend line) that comes around $66.90.

Market heat analysis by RSI had oversold and triggered the level 33% which will pull back again to 42% level. Traders wait in anticipation for June 22-OPEC meeting.