Global macro overview for 18/01/2016:
Crude oil prices might remain under further pressure with nuclear sanctions on Iran lifted by the US during the last weekend. According to analysts, an additional supply of 500 000 barrels a day will definitely do nothing good for the market which is already oversupplied. Bears remain in complete control as crude closed below the next psychological level of $30 for the first time since December 1, 2003.
From a technical point of view, crude oil bounced from daily support at the level of 28.37, but it is still trading below the long-term channel (dashed lines). The next resistance is seen at the level of 29.89, but the downtrend remains intact.
