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

The WTI crude oil continues to trade in a bullish channel at $54.45. The US-China trade issue seems to ease as the POTUS Trump said...


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.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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