How will crude oil price move today? Should traders expect the price to rise or drop? The following analysis reveals.
29 October, OctaFX – The price of crude oil rose slightly in the Asian session. On Friday, Baker Hughes released the oil rig data that showed an increase in oil rigs by three.
This was the third week of straight increases. The rig counts have been on an upward trajectory since June 2015 when the price of crude oil was still low. However, the price faces major challenges this week as investors worry about supplies.
Will Oil Price Continue To Rise?
The XBRUSD pair halted the recent declines and rose to an intraday high of 77.93. This was the highest level since October 23. The price is also along the upper band of the Bollinger Bands while the RSI is at 52.
While the pair could continue to rise, there is a likelihood that it will continue the downward trend. If it does, it will continue until it reaches a low of 70.
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