Oil prices edged lower on Friday, closing out with a 0.73% decline on the day. Oil markets continue to be plagued with the build-up in US crude oil inventories.
The rumors about OPEC planning to curb production failed to hold ground. With China’s GDP rising at a slower pace of 6.0%, the global demand for crude oil remains mixed for the moment.
WTI Crude Oil to Consolidate
Oil prices will likely remain within the range of 54.70 – 52.00. This is likely to be a short term bottom that is forming. The falling trend line is breached, but the current declines could see a retest of the breakout level. Only a strong close above 54.70 will confirm further gains.
