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Crude oil price rises sharply after the API released inventories data

OctaFx | Aug. 28, 2019
Crude oil price rises sharply after the API released inventories data

Crude oil price rose sharply after inventories data was released. The XBRUSD pair rose to a high of 59.57.

28 August 2019, OctaFX – The price of crude oil rose in the American session after the API released inventories data. Numbers showed that crude inventories declined by more than 11 million barrels in the past week. This was much lower than what the market was expecting.

In the previous week, the amount had declined by slightly above 3.5 million barrels. The EIA will release its inventories data later today. Analysts expect data to show that inventories declined by just 2.1 million barrels.

This data comes at a time when there is a pull and push about Iran. On Monday, Trump signaled that he was prepared to meet with the Iranian leader. On the other hand, Iran demanded that the US removes the sanctions first.

Crude oil price technical forecast

On the hourly chart, the price is slightly above the 14-day and 28-day moving averages while the RSI has remained slightly below the overbought level. The dots of the Parabolic SAR indicator are below the current price while the Force Index was relatively unchanged. The pair will likely remain unchanged as investors wait for the EIA data.

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.

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