Oil prices failed to hold onto early session gains to fall into red for the day. Further downside looks likely below the 100-day MA
The recent lifting of sanctions has not had any material impact to markets as intimated by OPEC. The decline in standard and lack of maintenance to infrastructure have left the Venezuelan authorities in a pickle. Based on recent Baker Hughes rig count data, Venezuela only has 1 active drilling rig from 80 that were active in 2014. This was the reason cited by OPEC and discussed in previousarticle as a stumbling block to rapidly expand production and have a material impact on Oil supply.
From a technical perspective both, WTI has been trading in a tight range for the last 5 days but remains vulnerable below the 100-day MA. As it stands a break below the $80 a barrel mark will open up a potential test of the 200-day MA at $78.15. This is also the level where we had the beginning of the extended upside rally which reached the $95 a barrel mark and could be a key support level.
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