Crude oil prices are feeling the heat due to the factors mentioned above. Prices are trading below their 20-day, 50-day, 100-day, and 200-day moving averages of $51.4, $52, $53.4, and $51.7 per barrel as of April 21, 2017. The prices suggest more pain for oil prices. Any rise in supplies from the US could pressure crude oil prices.
Meanwhile, Russia’s central bank expects that Brent crude oil prices could fall as low as $40 per barrel by the end of 2017 if OPEC doesn’t extend major producers’ production cut deal in 2H17. For more on crude oil price forecasts, read the last part of the series.
In the next part of the series, we’ll look at how Cushing crude oil inventories impact crude oil prices.
View more information: https://marketrealist.com/2017/04/crude-oil-prices-fell-200-day-moving-averages/