5.7.17

[US Oil] Oil Retracement strategy

US Oil Retracement Strategy
Strategy Suggestion:

Short US Oil at 47 with target price 45 or 44

Bearish:

  • Oil remains in a bear market after concerns that rising global supply will offset output cuts from the OPEC
  • Russia to oppose any proposal to cut output further
  • Libya and Nigeria, not from the OPEC, accounted for half of the group’s production boost last month
Bullish:
  • Qatar crisis