April 10, OctaFX – Crude oil price was also relatively unmoved after the American Petroleum Institute (API) released its weekly crude oil stock number. The inventories rose by 4.0 million barrels.
Today, the EIA report will be released, which is expected to show that the inventories rose by 2.294 million barrels. This will be lower than last week’s data of 7.23 million barrels. In addition, traders will receive the monthly report from OPEC. Meanwhile, traders will also receive the minutes of the last Fed meeting.
Crude oil price technical analysis
The XTIUSD pair reached a YTD high of 64.80 on Monday. Since then, the upward momentum has slowed, and the pair is now trading at the important psychologically level of 64. On the hourly chart, this price is along the 25-day moving average and slightly below the 50-day moving average.
The Awesome Oscillator has also moved slightly in the negative side. There is a likelihood that the pair will resume the upward trend but this will depend on the inventory numbers from the US.
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.