Crude Oil Price Prediction for 2019 - Eaglesinvestors

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The huge jump oil prices today and keep in mind that’s mid 50 dollars, but we are up nearly 5% in oil. Several factors are influencing the crude oil prices, and it is safe to assume that this is just the beginning.

Crude Oil Price Prediction for 2019

Firstly, on Thursday in Vienna Austria, we have the OPEC meeting as well as on Friday the separate meeting between Saudi Arabia and Russia.

We are expecting a cut at that meeting anywhere from 500,000 to maybe 1.3 million barrels a The biggest crude oil news is that longtime OPEC member Qatar is going to leave the organization at the beginning of 2019. Since 1961, Qatar is the first non-original member to join the organization.  As the smallest member from them all, about 2% of crude oil output.

Crude oil price

However, they are the world’s biggest producer of gas. Qatar’s story is that they’re leaving OPEC to focus more on gas. Remember that they’re under trade and economic embargo from Saudi Arabia. For about two years the restriction was set because of alleged ties to Iran. On many occasions, the tensions between Qatar and Saudi Arabia could be felt in the air during OPEC meetings. So beginning of 2019 OPEC is down from 16 to 15 members a slight sign of fracture in the cartel.

Many People Will Look at this as a Political move.

Crude oil price might deprecate before the meeting. However, it can present new opportunities for traders and investors. Let’s go back and do a simple analysis regarding crude oil prices. From January to February 2018, we experience cuts in production of over 7,41 million barrels a day. Crude oil price history was at the highest level in June of 2018, at $75,09 per barrel.

Crude oil price

Similarly, we experienced higher crude oil price in October with $76,83 per barrel. Keep in mind that overall the year of 2018 was the most beneficial for crude oil prices. The lowest crude oil price was registered a month ago at $49,47 per barrel due to geopolitical tensions in the middle east.

The New Support Level in 2019

With Qatar leaving OPEC in Jan of 2019, crude oil prices might reach $45,96 per barrel as the newest support. However, second support might be in play with crude oil prices at $33,43 per barrel. Such a drastic drop in the crude oil price will occur if the current geopolitical tensions will remain. The most critical factor in price action for crude oil is fundamental events and crude oil inventories. Even with Qatar leaving OPEC such drastic price drops for crude oil might not happen. Remember that crude oil inventories are the essential fundamental event that will push crude oil prices up or down. Depending on the data release if there are cuts in production will drive the crude oil price up. Similarly, if the data points to production increase it means that supply will increase posing the crude oil price down.

Crude Oil Price Today in Dollars per Barrel is $53,44

Let’s talk about how crude oil price might push upwards to $58-$60 per barrel. Take a look at the chart below where we can see the drop in crude oil price since October from a price of $76,80 per barrel.

Crude oil price

Similarly, notice the lowest price was on November 29 of this year with a crude oil price sitting at $49.30. Just by applying simple chart trend lines you will spot a trend reversal that started this Monday. Please keep notice also we are using a daily chart for this analysis and by looking beyond our next resistance might be at $57,33 or $54,60. In the event of both resistances will be breached crude oil price might plummet to $67,46 per barrel by the end of 2018.

Conclusion

Every experienced trader will agree with me that now we can potentially earn serious money by trading crude oil (If you want some background info about Crude Oil, read here)

The chart above will make sense to some of our traders while others will get confused and to avoid such unpleasant events our recommendation is GO LONG. Under no circumstances regard such recommendations as trading advice since nothing can be 100% in a volatile market.

Whatever your decision is regarding crude oil trades, please do your research and always analyze multiple times your strategy before entering a trade.

That said I wish you all Happy Trading and Every Success!

 

 

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