What's Affecting Oil Prices This Week (June 26, 2017)?
Prices continued falling last week, with Brent ending the week at $45.59 per barrel (bbl) on June 23, down $1.62/bbl with an apparent floor around $44/bbl. Despite the fact prices appear to be approaching oversold territory, Stratas Advisors said it expects to see significant support next week with Brent averaging $45/bbl, range-bound and pressured by sentiment.
For the upcoming week, Stratas Advisors said it expects crude inventories will decrease between 1 million bbl and 1.5 million bbl as U.S. crude runs remain stable. The firm also expects the Brent-West Texas Intermediate differential remain relatively stable, trading between $2.40 and $2.90 with respect to the August contract.
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