Oil mid-term analysis
Publish Date : 2019/10/07 - 05:25

Fundamentally: Oil prices rose to $ 63 a barrel following Yemen's attack on Aramco facilities, as I cited to the oil’s uptrend in the past analysis. It seems that the U.S tried to decrease oil prices to $ 51 a barrel, but such reduction was not a small, transitory impact, and should be seen in the long-term view. Compared to August, it dropped by 750,000 barrels.
On the other hand, in the face of trade war, we will face a decrease in demand and this should not be overlooked.

Technically: It looks like it is still on the uptrend as long as crude oil trades above $ 51, though this could be a start for the range between $ 51 and $ 62.


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