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Crude oil price slips to $63 following EIA report

OctaFx | Apr. 18, 2019
Crude oil price slips to $63 following EIA report

April 18, OctaFX – 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.

This was a higher drawdown than the 1.2 million barrels that traders were expecting. Previously, data from the American Petroleum Institute (API) showed that there was a drawdown of more than 3 million barrels. Still, the price of crude is near the five-month high and there is a possibility that WTI and Brent will test last year’s highs of $73 and $85 respectively.

Crude oil price technical forecast

The XTIUSD pair moved to a low of 63.57. On the hourly chart, this price is along the lower line of the Envelopes indicator and above the important resistance level of 63.

The commodities channel index has moved up to above the 100 level while the volumes have shrunken. The pair will likely remain within the current range as investors think of a way forward regarding the oil market. Still, there is a possibility that the upward side will prevail.

Crude oil price

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.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.