Crude Oil Achieves $60 Forecast Expectations for 2017, $80 Next? / Commodities / Crude Oil
Bullish commodity traders and investors in the likes of oil and gold also saw positive returns for the year as Oil ended at a strong high of $60 and Gold at $1310 both inline with my bullish expectations for these commodities for 2017.
In terms of the immediate outlook for oil, the price has broken out of a year long range capped at $56 that it will likely revisit (test) during the next few weeks. Though oil is clearly in a bull market and thus I expect the bullish trend to continue and would not be surprised if we see crude oil break above $80 during the year!
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By Nadeem Walayat
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Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.
Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk
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