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Crude oil price rises to $65 | AtoZ Markets

OctaFx | Feb. 27, 2019
Crude oil price rises to $65 | AtoZ Markets

Crude oil price rose slightly after data from the American Petroleum Institute (API) showed slowing inventories from the US.

February 27, OctaFX – In the past week, inventories declined by 4.2 million barrels. This was after a 1.26 million barrels increase in the previous week.

Later today, the EIA will release its inventories data that are expected to show an increase of 2.842 million barrels. This will still be lower than last week’s increase of 3.6 million barrels.

Crude oil price technical forecast

Brent crude oil price rose from this week’s low of $64.50 to a high of $65.70. On the four-hour chart, the pair’s price is slightly below the 21-day and 42-day moving averages.

After falling to the oversold territory, the RSI has moved up to the current level of 46 while the Relative Vigor Index (RVI) is edging closer to the neutral level. The pair could continue moving upwards because even with Trump’s tweet, nothing fundamental changed about the oil market.

Disclaimer

This article, Crude oil price technical forecast 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.