In view of the analysts at BBH, oil prices traded volatile in the previous week as in the middle of last week, the oil rallied by the most since OPEC agreement was struck.
“The 3.2% rally was followed by another percentage point advance the following day, before consolidating ahead of the weekend. The rally managed to retrace 38.2% (~$47.75) of the last leg lower than began near $54.15 on April 12. The 50% retracement is found at $49.00. EIA and continued to revise up its US output estimates. More broadly, non-OPEC countries are making up for a large fraction of OPEC's cuts. There may be a reluctance to commit to rolling the output restraints over for more than six months, but there is the talk of a year extension.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.