Oil fall may resume after the recent correction
The price of Light Sweet crude oil showed growth during which has left the local downtrend channel. The reason for this situation was the fixation of positions after a strong decline. In addition, the market renewed speculation about a possible decision to freeze the level of oil production among a number of major oil producing countries, that will meet on April 17 in the capital of Qatar. According to our estimates, this meeting will not be able to change the situation with the imbalance of supply and demand on the market. Thus, Iran and Libya will continue to increase the level of production with the maximum possible pace. We forecast a decline in the price of US crude oil to 31 to 34 dollars per barrel in the coming weeks.
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