Oil price correction at the edge of $58.00 may push higher before pushing lower towards $55.00 support area. Certain upward pressure can be expected.
Crude oil price declined slightly to a low of $59.4 after soaring to a high of $60.37 yesterday. Will the XBRUSD pair continue to decline?
Crude oil price has been on the back foot since July but has recently found some traction and bulls are stepping in to protect the $55 handle.
Crude oil price rose sharply to a high of 61.18 after the US eased on trade. This was the highest level it has been since August 5.
In this Crude oil price forecast, XBRUSD rises slightly in overnight trading after the American Petroleum Institute (API) released inventory data.
Crude oil price slipped after the EIA released its weekly inventories report. The numbers showed that there was a drawdown of more than 1.396 million barrels per week.
The turn of year and winter seemed to have no effect on the price of oil as Light Crude Oil unable to rise above $55
Light Crude Oil prices continue to remain resisted at 53.55 due to much uncertainty in the market