Crude Oil on Friday 27th Jan 2017, Crude Oil Feb futures prices down to 21pts (-0.58%) closed at 3608 trading range between 3592-3696.On the New York, Mercantile Exchange, Crude oil for March delivery on the New York Mercantile Exchange to settle at $53.20 a barrel.
Crude Oil futures finished lower on Friday, logging a modest weekly loss, as investors turned their attention to rising production in the U.S. and away from OPEC and other producer’s commitment to curbing global oversupply.
Earlier in Friday crude oil Prices dropped to the lowest levels of the session after oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by 15 last week, the 12th gain in 13 weeks. That brought the total count to 566, the most since November 2015.
However, OPEC is going to continue to sound optimistic over its program to cut production, but investors have to continue to monitor compliance to this program. From the news, we know that OPEC and the non-members are moving towards full compliance with the plan. The balanced price action can be attributed to two factors, the OPEC/non-OPEC plan to cut output and the rising U.S. production.
Crude Oil market continually consolidating between the 3550($52) level on the bottom, and the 3700($55) level on the top. Because of this, every time of higher place getting selling pressure and lower place getting supported.
We drawing inner trend line as a short-term support at 3600 and resistance 3700. we see inner trend line has been slope upward movement most of time taken support lower and high, In this situation absolutely “ceiling” of market. Once break below the support at 3600, small selling pressure will be happened up to 3550.