Crude Oil Price Resumes Downward Trend

November 22, OctaFX – The price of crude oil eased in the Asian session after the EIA released its weekly inventory data. The numbers showed that inventories rose by 4.85 million, which was higher than the consensus estimate of 2.5 million. It was lower than the previous week’s 10 million barrels.

The number by EIA was different to that released by the American Petroleum Institute (API). The latter showed a drawdown of 1.545 million barrels.

XTIUSD Technical Forecast

After rising yesterday, the XTIUSD pair resumed a downward trend following inventory numbers released by the EIA. The pair is trading at 54.38, which is slightly lower than yesterday’s high of 55.82.

On the four-hour chart below, the pair shows that it will likely continue moving lower. This is indicated by the double EMA and the RSI, which is currently at 38. Over the next week, the price could also consolidate as traders wait for the final statement by OPEC+ after their meeting in Vienna.


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.

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