SaxoTV

O’Hare: The bullish run in oil

368 views
February 10, 2015 commodites, commodities, commodities markets, commodities prices, commodities supply, commodities trading, commoditiies, commodity, commodity index, commodity investing, commodity investments, commodity market, commodity markets, commodity outlook, commodity prices, commodity strategy, commodity trade, commodity trading, oil, oil and gas, oil commodities, oil demand, oil drop, oil industry, oil inventories, oil market, oil markets, oil news, oil price, oil prices, oil production, oil range, oil refinery, oil spread, oil stockpiles, oil stocks, oil supplies, oil supply, oil trading, opec, opec intervention, opec meeting, opec news, opec oil price, opec price, opec production, saxo bank, saxo bank saxo tv, saxo bank trading, saxo bank trading floor, saxo bank tradingfloor.com, saxo tv, saxo tv saxo bank, saxo tv trading floor, saxo tv tradingfloor, saxo tv tradingfloor.com, steve ohare first 4 trading, trade idea, trade view, traders tale, traders tale saxo tv, traders tale steve ohare, trading, trading idea, trading risks, tradingfloor, tradingfloor saxo bank, tradingfloor saxo tv, tradingfloor.com, tradingfloor.com insights, tradingfloor.com saxo tv, tradingfloor.com trade ideas, us oil, us oil production

Steve O’Hare from First 4 Trading expects to see oil prices move higher after three consecutive days of positive gains. Last week oil prices hit a new yearly high just below USD 55.00 before a corrective move lower.

The bullish run in oil prices stumbled after China’s CPI hit a five year low. Concern over slowing demand in the world’s second largest economy was however mitigated by a forecast from OPEC predicting greater demand for oil. The OPEC report suggests demand for oil will increase to 29.2 million barrels per day, with the US expected to be the world’s largest source of oil production growth.

Steve is looking to set longs at current levels and at USD 52.00. He is targeting a move to the 161.8 percent extension level around USD 58-58.50 and USD 60. A stop can be placed at USD 50.

Join the conversation below to be a part of the social trading experience.

Non-independent investment research disclaimer

Full disclaimer