US WTI (West Texas Intermediate) Crude Oil price is consolidating around $55 per barrel mark. On weekly trading chart as well as the daily trading chart we can see the prices consolidating in converging cone. (blue slope lines in above daily price chart). In the short term, Crude Oil price has been fluctuating within a bounded range between $52.96 pb and $58.76 pb since August. The remainder of 2019 should see the price fluctuating at median $55 pb, within the same range, with consolidation. If thereafter the price swings downwards it will hit the demand zone from June, August months’ prices at $50.50 pb. So unlikely there will be a further dip before the WTI reverses upwards. Technical analysis doesn’t support price hike beyond say $60 pb (wide-range) from a long-term, so up until H1 of 2020.
Commitment of Traders (COT) indicator is very much flat at the moment, so we will have to wait until further to gauge price direction, from the action of hedgers and institutional traders.
On the fundamentals, OPEC’s monthly report with detailed Oil Supply and Demand for OECD, non-OECD nations can be found here (all nuances, and other product commodities). Oil Supply is monitored closely for abundant supply from OPEC and independently produced crude Oil from the US oil fields; while the demand from nations across the world seems stationary or slightly lowered (fore-casted) for overall weakening of global economy and trade.
Events and data releases related to OPEC announcements, meetings, Oil reserves numbers can be found on Economic Calendar, for ongoing day-trading opportunities.