Market Cap:
$281B
BTC Dominance:
56.37%
btc:
$8973.00
eth:
$271.99
xrp:
$0.42
Advertise
Forex

Crude oil price forecast - XBRUSD rises slightly to 67.89

OctaFx | May. 30, 2019
Crude oil price forecast - XBRUSD rises slightly to 67.89

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.

Crude oil price forecast

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.