By Tsvetana Paraskova

Oil market analysts are looking into the global supply and demand picture to guess where the price of oil is heading, and opinions and forecasts always vary widely.

While oil bulls are focusing on the loss of supply from Venezuela and a potential reduction of Iranian exports to justify their view that prices will be heading higher, bears are figuring that OPEC will reverse some of the production cuts in place and bring back as much as 1 million bpd to the market to offset any supply disruptions.

Traders look at the charts and apply technical analysis to guess where prices are going and where it’s best to enter or exit positions.

http://energyworthonline.com/2018/06/08/is-oil-price-retreat-a-temporary-setback/