25.03.2014 - Traders are waiting for the growth of oil price volatility
On the chart of oil is formed s figure of the "triangle". In addition, we see narrowing the range of price fluctuations and consolidation around the level of 100 dollars per barrel. Further price movement will depend on the data on oil and petroleum products' inventories in the U.S., which will be released tomorrow. Among the factors that support oil prices remain concerns about the situation in Ukraine, and clashes in Libya, as well as improvement in the U.S. economy. Among the negative factors we should mention a record in thirty years oil production in the United States, the decline in demand for oil due to the warming after abnormal cold weather and a slowdown in the industry of the second largest oil consumer in the world - China. We expect growth of volatility in the next 2 days. We maintain a long-term negative outlook for oil prices.