The price of oil may consolidate ahead of OPEC’s Joint Ministerial Monitoring Committee (JMMC) meeting on June 1 as the double top formation remains intact.
Oil Price Forecast: Crude Establishes Double Top Formation in May
2021-05-19 19:00:00
David Song,
Strategist
Oil Price Talking Points
The price of oil bounces back from a fresh monthly low ($61.95) after showing a limited reaction to the less-than-expected rise in US inventories, but recent developments in the Relative Strength Index (RSI) warn of a larger correction in crude as the indicator snaps the upward trend from earlier this year.
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Oil Price Forecast: Crude Establishes Double Top Formation in May
The price of oil appears to have established a double-top formation following the failed attempt to test the March high ($67.98) as it snaps the opening range for May. Lack of momentum to hold above the 50-Day SMA ($62.72) may push crude towards the April low ($57.63) as the Organization of the Petroleum Exporting Countries (OPEC)remains on track to gradually restore production over the coming months.
Oil, Gas, And Fracking News Read 16May 2021 econintersect.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from econintersect.com Daily Mail and Mail on Sunday newspapers.
Emmanuel Addeh in Abuja
Nigeriaâs oil and gas industry growth declined by 19.8 per cent in the fourth quarter of 2020 compared with the same period in 2019, according to data from the Organisation of Petroleum Exporting Countries (OPEC).
OPEC, in a country-by-country analysis of developments within its member countries in its latest Monthly Oil Market Report (MOMR), said the previous month, it fell by 13.9 per cent, although the non-oil sector grew by 1.7 per cent.
The report showed that Nigeria’s real Gross Domestic Product (GDP) grew by 0.1 per cent year-on-year in Q4, 2020, following a 3.6 per cent contraction in Q3, 2020, which was the first positive quarterly growth in the last three quarters amid the gradual return of economic activities.
Oil Price Stuck in May Opening Range After Failing to Test March High
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2021-05-13 14:00:00
David Song,
Strategist
Oil Price Talking Points
The price of oil appears to be stuck within the opening range for May amid the failed attempt to test the March high ($67.98), and looming developments in the Relative Strength Index (RSI) may warn of a larger correction in crude as the indicator appears to be threatening the upward trend from earlier this year.