December 21, OctaFX – Yesterday, the price of crude oil dropped to a 17-month low as traders worried that higher interest rates would lead to lower growth.
This came after the Federal Reserve raised interest rates and pointed to two more hikes in the coming year. The price then rose slightly during the American session after Donald Trump announced that American troops will leave Syria, a move traders fear will bring more chaos to the region.
In the Asian session, the price eased a bit as traders looked ahead to US, France, and UK GDP numbers expected later today.
Crude Oil Price Technical Forecast
The XTIUSD pair declined slightly during the Asian session and reached a low of 46.22. On the hourly chart, the pair is below the 25-day and 50-day EMA while the RSI is between the overbought and oversold levels.
The pair will likely remain along these levels as the year nears the end. However, there is also a likelihood that traders could push it up because it is oversold in the daily chart.
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