After a dramatic sell off to start 2017, oil futures prices are pushing for a rebound on news that some international production levels will remain curtailed.
The CL fell 3.5% on Tuesday, however according to Reuters, OPEC member Kuwait Petroleum Corp, stated it will kick off 2017 with its committed production cuts lasting the duration of Q1.
OPEC cuts, combined with President-Elect Donald Trump’s pledge to boost domestic production, and uncertainty about Russia’s commitment to curb production could potentially lead to a volatile year for oil futures. However, experts suggest that crude oil will likely trade in fairly tight ranges until investors have a grasp on the pending administrations energy sector plans.
The above chart, created using the FREE NinjaTrader platform, displays the price action for crude oil futures since the opening of the trading year. The 3-minute timeframe mountain style chart paints a clear picture of the year opening selloff and the bullish push to regain ground. Additionally, a real-time Time and Sales widow is featured on the right allowing investors to monitor current bid/ask and volume.
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