Crude Oil Jumps, What does Goldman Sachs Have to Say About it? - Forex News by FX Leaders

Crude Oil Jumps, What does Goldman Sachs Have to Say About it?

Posted Monday, February 25, 2019 by
Arslan Butt • 1 min read

WTI Crude Oil – Key Takeaways

  • WTI crude oil continues to trade in a bullish channel at $54.45.
  • The US-China trade issue seems to ease as POTUS Trump said that he is likely to push the trade deal deadline of March 1.
  • The sentiments of a successful trade deal are increasing demand for crude oil as investors believe that the world’s second-biggest economy will trigger oil demand.
  • According to Goldman Sachs, the near-term outlook for oil is modestly bullish as the market continues to tighten significantly. Most of it is supported by OPEC leading an output cut.
  • Crude oil may face an immediate resistance near $57.85. Support is likely to be found near $56.75.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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