Crude Oil Price Declines Sharply


Crude oil Price declined sharply after EIA released the latest inventory numbers. The WTI reached a low of $69.29. However, will the downward trend continue? Gain insight into today's XTIUSD forecast.

18 October, OctaFX – The price of crude oil declined sharply after EIA released the latest inventory numbers. The numbers showed that inventories jumped to 6.5 million barrels, which was almost triple than what traders were expecting.

This was similar to last week when inventories continued to rise. This week, the price of crude has been fluctuating as traders think about inventories, Iran sanctions, and the growing issues between the US and Saudi Arabia.

XTIUSD Forecast: Will The Downward Trend Continue?

The price of crude oil continued to decline after inventory numbers released yesterday. The WTI reached a low of $69.29, which was the lowest level since September 20.

The price is deeply along the lower line of the Bollinger Band, which is a sign that the downward trend will continue. This is confirmed by the MFI indicator and the RSI which show a likelihood of further declines. If it happens, the XTIUSD pair will likely test the 68 support.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

    Share Your Opinion, Write a Comment