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.
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