“While the absence of bottoming patterns in price makes us reluctant to call for a base, we do expect a period of consolidation,” Barclays technical analysts said in the Financial Times article. This is further backed by stretched momentum studies across all time frames.”
However, oil prices continued to tumble Monday after Goldman Sachs analysts cut their three-month forecast on Brent to $42 a barrel from $80 and WTI contracts to $41 from $70, reports Samantha Sunne for Reuters. Additionally, the analysts reduced their overall 2015 estimates on Brent to $50.4 per barrel from $83.75 and WTI crude to $47.15 per barrel from $73.75. [Inverse ETF Plays for a Bearish Oil Outlook]
United States Oil Fund
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Max Chen contributed to this article.