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WTI Crude Oil Price Forecast: Brexit ’Risk-Off’ Knocks Oil Off Its Pedestal
An uncomfortable technical picture is aligning with the uncertainty of a post-Brexit world. This uncertainty is becoming obvious, as we’ve seen equity market selloff, the Chinese Yuan be devalued the most since August to the US dollar, and subsequent aggressive US dollar strength. At a time when confidence was reemerging in the oil market as demand was picking up and a potential balance from oversupply in the first half of 2016, the Brexit vote likely came at the worst possible time. While desiring to avoid a melodramatic statement, producers began accelerating production with the assumption demand was picking back ... (full story)