Oil Excess Supply and oversold position!

The Gold ‘XAU/USD’ has a soft week ahead, while the oil has been a prime factor in determining the petroleum prices. According to Bank of China, GDP growth has actually triggered the oil market which has an excessive supply again that has actually added the speculators which are ditching the post long hold which is growing at the fastest pace on record.

there has been never before. There has been output which has been surging 10.9 Million barrels/a day. On the other hand, IRAQ output has been on the rise in the production while there has been major Kirkuk region which comes there is a back online. While more off setting than the IRAN has been hit sanction.

While the Supply has already hit the OPEC Countries which has remained the strong that has stopped the US oil production that has been surpassing 12.3 Million barrels/a day while there has been for the first time which was according to EIA. 

There should be a global oil growth market that has actually flipped back to all the situations, which has caused an excessive supply. There has been a major global oil market that seems to have a major flipped back to certain situations that has caused an excessive supply, while there has been resulting in the the decline of oil prices which has been caused by a major speculators.      

Our View:

Buy for long term