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.
Light Crude Oil rebounds from low of $44 towards $50 levels with higher lows forming on H4 chart
Light Crude Oil prices breaks out of descending triangle and continues on the bullish run and is expected to hit 52.27 this week
Light Crude Oil prices start to retreat after touching Fibonacci Expansion 161.8% at 57.66 where a retracement is expected