COULD OIL PRICES RISE ABOVE $60/BARREL?

May 25, 2017 at 06:28
894 Angesehen
21 Replies
Mitglied seit May 09, 2017   6 Posts
May 25, 2017 at 06:28
I am thinking of trading crude oil. Can anyone help me in knowing whether there are any chances of crude oil rise above $60/Barrel?
Mitglied seit May 09, 2017   33 Posts
May 25, 2017 at 10:14
Crude Oil prices trades on the front foot in Asia on expectations the major oil producers will extend the output cut deal.

The question is whether the major producers will extend the deal by 6-months, 9-months or 12-months. The OPEC monitoring committee has proposed nine-month cut extension. a 9-month extension may have been priced-in by the markets.

A probability of a 12-month extension is low, although that could push oil prices above $60/barrel.
Mitglied seit Mar 21, 2017   13 Posts
May 25, 2017 at 12:13
well fundamentals and technical points to a chance of a break out in price upwards from 40-55 range ... but when its going to break 55$ a barrel?, if its going to break out? or if opec fails and it all will come crashing down its a two way street at this time
Mitglied seit Feb 12, 2016   522 Posts
May 25, 2017 at 13:14
TanEric posted:
I am thinking of trading crude oil. Can anyone help me in knowing whether there are any chances of crude oil rise above $60/Barrel?

This is market and everything is possible, but I do not believe this will happen in short even mid term as per current fundamental situation (WTI).
Mitglied seit Mar 21, 2017   13 Posts
May 25, 2017 at 14:12
they said today that they have their heart set on 9 month cut extension but they are failing to cut the production, lol and I hope they keep failing because here in California fuel is still 3$ a gallon
Mitglied seit Feb 12, 2016   427 Posts
May 25, 2017 at 14:51
In my opinion – definitely! Should be very patient, though. If you want to reach a good profit, you should set a long term positions and be very patient.
Accept the loss as experience
Mitglied seit Dec 11, 2015   1487 Posts
May 27, 2017 at 08:20
A lot of things are possible but not necessarily probable. Such a price rally in this case is both, in my opinion.
Mitglied seit Dec 06, 2016   33 Posts
May 29, 2017 at 14:15
TanEric posted:
I am thinking of trading crude oil. Can anyone help me in knowing whether there are any chances of crude oil rise above $60/Barrel?

It can possibly happen. As we all say, only the market can tell 😁. But with the recent news (source: https://www.funds-money.com/light-crude-slipped/), I can sense it could take quite some time to happen due to the fact that there is slow gasoline stock in the US and as well as the anticipation of the OPEC meeting.
Mitglied seit Mar 28, 2017   12 Posts
Jun 01, 2017 at 14:54
If you wait long enough then it will probably reach $60 but do you have the time?
Mitglied seit Mar 21, 2017   13 Posts
Jun 02, 2017 at 09:10
Telltale20 posted:
If you wait long enough then it will probably reach $60 but do you have the time?
and the capital to handle the draw down lol
Mitglied seit Dec 11, 2015   1487 Posts
Jun 25, 2017 at 11:58
Right now it's so bearish that $60 per barrell seems like an impossible dream, if you ask me.
Mitglied seit Jun 21, 2017   2 Posts
Jun 26, 2017 at 06:17
so it does... but beneath 45$ it becomes an unservicable product.... long term... must go higher...
Mitglied seit Feb 22, 2011   4862 Posts
Jun 27, 2017 at 06:45
TanEric posted:
I am thinking of trading crude oil. Can anyone help me in knowing whether there are any chances of crude oil rise above $60/Barrel?

It could but why it should?
Mitglied seit Dec 11, 2015   1487 Posts
Jun 27, 2017 at 08:05
togr posted:
TanEric posted:
I am thinking of trading crude oil. Can anyone help me in knowing whether there are any chances of crude oil rise above $60/Barrel?

It could but why it should?

That's what I was wondering too. I doubt it will be rallying that much anytime soon.
Mitglied seit May 03, 2017   18 Posts
Jun 27, 2017 at 13:43
I think a fall is more likely now. Global economy seems to be weakening
Mitglied seit Dec 11, 2015   1487 Posts
Jun 28, 2017 at 11:50
TerraTopNova posted:
I think a fall is more likely now. Global economy seems to be weakening

Oil seems bullish at the moment, but I agree with you for the long-term.
rob559
forex_trader_29148
Mitglied seit Feb 11, 2011   1916 Posts
Jun 28, 2017 at 14:52
i pay 1.20 gallon west tx,as long as us provides oil it will never go to 60
Mitglied seit Feb 12, 2016   522 Posts
Jun 30, 2017 at 13:20
On weekly chart WTI may close overlapping the previous candle showing some reversal signs. Most likely if this happen we may see movement up to $48.20/50
Mitglied seit Jun 21, 2017   2 Posts
Jul 02, 2017 at 06:26
mlawson71 posted:
TerraTopNova posted:
I think a fall is more likely now. Global economy seems to be weakening

Oil seems bullish at the moment, but I agree with you for the long-term.

What do you call a Fall ? Long term potential for significant move is up.... Downside is very Limited....
It will become uneconomical ....
Mitglied seit Dec 11, 2015   1487 Posts
Jul 12, 2017 at 11:33 (bearbeitet Jul 12, 2017 at 11:33)
It was @TerraTopNova that was referring to a fall.
Apart from that, I call a fall any movement (to the downside, obviously) larger than 20 - 40 pips in the short term. In the long-term obviously the movement will be a lot deeper.
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