Oil Prices and the Oil Market
Oil price forecasts: Standard Chartered see weakness in brent and WTI on technical basis
- Details
- Category: Oil | Brent and WTI Crude
- Published on Tuesday, 18 October 2011 12:19
- Written by Rob Samson
Oil prices are weaker today, and Standard Chartered believe further weakness is possible.
Standard Chartered have today advised clients that they favour selling WTI crude into price upticks.
"We expect the rally to struggle to break above USD 90.52/bbl, with a turn lower favoured after the upticks. Near-term losses below USD 83.00/bbl and then USD 74.95/bbl should see USD 70.76/bbl targeted later on. Technically, clients should expect a slide in prices if upticks remain limited as favoured," says a note to clients released today. 
Brent crude oil prices are also forecasted to head lower, again Standard Chartered have advised clients to sell into upticks:
"We favour selling into the rally for a drop to USD 109.07/bbl and then USD 98.74/bbl to follow.
"Trendline resistance at USD 115.00/bbl is expected to hold ahead of USD 116.60/bbl and USD 121.00/bbl. Technically, clients should expect USD 115.00/bbl to hold, with a drop back to USD 98.74/bbl favoured."
Oil prices are weaker in line with softer global markets today, that said, losses appear to be limited.
KBC Markets comment on today's oil price action:
"Brent crude led losses on Monday after Germany’s FinMin Schaeuble curbed overly positive expectations that there would
come a definitive solution to address the EMU debt crisis at next weekend’s EU summit.
"Today in early trading, slightly disappointing figure on China’s GDP further undermined the price of oil, which even touched 109 USD per barrel (USD/bbl)."
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