30 May 2019, OctaFX – Crude oil price rose in overnight trading after the American Petroleum Institute (API) released inventory data. The number showed that crude supplies declined by 5.3 million barrels over the past week. This was a steeper contraction than the 2.4 million barrels released a week ago.
Today, investors expect data from EIA to show a contraction of more than 857K. Meanwhile, gasoline stockpiles increased by 2.7 million barrels while distillates declined by 2.1 million barrels.
Crude oil price technical forecast
The XBRUSD pair rose slightly after API released inventory data. The XBRUSD pair is trading at the 67.89 level, which is higher than yesterday’s low of 66.57. On the hourly chart below, the price is along the 50-day and 25-day moving averages. The dots of the Parabolic SAR are on the lower side while the pair appears to have formed a minor double bottom yesterday. The pair will likely remain unchanged as traders wait for inventory data from the US.
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