CRUDE Oil Forecast: Bulls control the market

Pullbacks are buying opportunities

Fundamentals:

Bullish:
OPEC + solid cuts – Latest Announcement from Russia: “We won’t fight with US oil producers”. That means: They will not let the prices go down to stop US drilling activities.
Venezuela Turmoil
Optimism in US-China Trade Talks.
Now we have a new bullish factor: Weakening USD. Simply saying: Historically, weak dollar sends the oil prices higher. Below is the DXY vs WTI correlation chart.


Bearish:
Global Growth Concerns
8M Barrels increase in stocks

Have a nice trading week!