Oil Price Forecast: Bullish Behavior to Persist as Crude Clears July High

Oil Talking Points

Oil clears the July-high ($75.24) as the Organization of the Petroleum Exporting Countries (OPEC) and its allies show no interest in combating higher energy prices, and crude may continue to exhibit a bullish behavior as it initiates a series of higher highs lows after breaking out of a narrow range.

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Oil Price Forecast: Bullish Behavior to Persist as Crude Clears July High

Image of daily change for crude oil prices

The economic crisis in Venezuela along with the rebalancing efforts by OPEC and its allies are likely to generate higher oil prices as the group sticks to its current level of output ahead of the next meeting on December 6, and crude may gain ground throughout the second-half of 2018 especially as the U.S. sanctions on Iran are slated to take effect from November 4.

Image of EIA US field production of crude oil

With that said, developments surrounding OPEC and its allies may continue to influence the outlook for oil even as President Donald Trump argues that ‘reliance on a single

Article source: https://www.dailyfx.com/forex/fundamental/us_dollar_index/daily_dollar/2018/10/01/Oil-Price-Forecast-Bullish-Behavior-to-Persist-as-Crude-Clears-July-High.html