Technical Analysis:
We can see that an inverse head and shoulders pattern is developing on the weekly chart. Assuming price breaks the neckline at around 50.60, we can expect upside potential towards 60.
Fundamental Analysis:
OPEC agreeing on a production freeze will help to support oil prices in the near future. Also with the FOMC holding off raising interest rates for September has also helped maintain a reletively soft USD. Which should further support oil prices.
We can see that an inverse head and shoulders pattern is developing on the weekly chart. Assuming price breaks the neckline at around 50.60, we can expect upside potential towards 60.
Fundamental Analysis:
OPEC agreeing on a production freeze will help to support oil prices in the near future. Also with the FOMC holding off raising interest rates for September has also helped maintain a reletively soft USD. Which should further support oil prices.