03.11.2015 - Fall of oil may resume after the current consolidation
The price of the US benchmark Light Sweet crude oil is consolidating after the previous price correction. At the moment, investors are trying to assess the future direction of the price movement and are waiting for tomorrow's report on US crude oil inventories, which are at the maximum levels for this time of year since 1930. News about the growth of Russian oil production to 10.8 million barrels a day, which was the highest value in the post-Soviet period, together with the expected increase in the supply of oil to Iran in the coming months will continue to put pressure on oil quotations. The growth in the near future is possible only within the correction and we recommend accumulating short positions with the targets of 40-42 dollars per barrel. Our medium-term outlook remains negative.