The price of crude oil was little changed after API released its weekly data of inventories. How will the black gold move today? The following XTIUSD technical analysis explains.
November 7, OctaFX – The data showed that the inventories rose to 7.83 million barrels. This was higher than last week’s numbers that showed the inventories at more than 5.7 million barrels.
In the previous week, the organization data showed a sharp drawdown in the stocks. The EIA is expected to release the official inventories today.
Traders expect the data to show the inventories at 2.43 million barrels, which will be lower than the previously released 3.2 million barrels.
XTIUSD Technical Forecast
The price of WTI crude oil remained at extremely low levels after the API released the inventories numbers. The XTIUSD pair is trading at 61.98, which is near the lowest level since March this year.
The pair’s moving averages show that it will likely continue moving lower. The ADX is at 31, a signal that it will continue the trend. However, with the RSI trading at the oversold level, there is a likelihood that the pair could start moving up as well.
Today’s movements will depend on the official inventories numbers from the EIA.
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