Tuesday, April 12, 2016 10:00 PM EDT
The most likely path of crude oil is higher, even much higher. Why and how high are questions that are answered in this video.
The weekly Oil Brent chart shows how recent resistance around $42 per barrel, which was huge support in 2015, was broken in recent days. Next to that, the 12 week moving average is starting to slope upwards.
As markets do not move up in a straight line, we can expect a phased uptrend, with some intermediate stops. The different price targets from Rob Tovell, explained in below video, are: $48, $54, $59, and $64 by year end.
Those are bullish forecasts, not because of an overly bullish crude oil market (as the fundamentals are still terrible) but because of a very bearish U.S. dollar. In other words, the catalyst that will propel crude oil (much) higher is a very weak U.S. dollar.
This is part one of a series of videos that describes the impact of the U.S. dollar on some major currencies, crude oil and precious metals.
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Also, SA and Russ supposedly made a deal to cut production. I believe neither are going to stick to it.