Oil Prices to Correct to $59, Say Analysts [CHART]

Published February 8th, 2018 - 11:38 GMT

Analysts expect a correction in oil to the $59 level of support. See this chart. (Shutterstock)

Oil took a beating on Wednesday, falling 3 percent after inventory data showed a surprise build. In all fairness, oil was extremely overbought and due for a correction. Let's not forget, the U.S. keeps pumping more and more oil as the price has gone up and the global output remains higher even with OPEC's attempt to curb supply.

Ultimately, expect a correction in oil to the $59 level of support. Note the commodity chart below.