Expected Short Due to Oversupply
Well last weeks news on Saturday with Crude Oil Inventories report made sure we saw a huge retracement. This week we are looking to remain bearish on Oil with expectations high that we can see a drop off down to prior lows of 31.5 which if it doesnt hold up we can either see a rebound to 36 zone or more falling off to possible recovery levels of 25.0. This is due in part to current economic conditions which saw a nice increase over the last few weeks but talks of a futher push back on reopening means demand will drop. WIth US having reserves of up to 5m barrels we can expect prices to fall.
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