CRUDE OIL FORECASTS FEBRUARY 2017

The Crude oil is playing an important role on world industry and economy under today’s world conditions. Despite the announcement from producer countries continuing to create mobility in oil prices, the downward movement in oil prices after the 2.9 million barrels increase seen in the weekly crude oil stockpile announced by the American Petroleum Institute yesterday is inevitable. The weekly crude oil inventory data to be announced by the Energy Information Administration will be followed these days.

Technically speaking, to see the tendency to recover in oil, which is not seen in a clear trend, we need to see persistent movements at the level of 55.20 and 56,40 and 57,30 levels in the ups. If oil sales are seen, 53, 60 and 52, 50 support levels can be followed.

Resistance levels: 53.50 / 54.20
Support levels: 53.00 / 52.30