Market Cap:
$222B
BTC Dominance:
65.88%
btc:
$8,112.81
eth:
$176.51
xrp:
$0.25
Advertise
Forex

Crude oil price slips to 61.5 over US-China trade deal

Crude oil price slips to 61.5 over US-China trade deal

May 9, 2019, | SQUARED DIRECT – Having failed to hold the previous recovery, WTI now slips to 61.5 level as doubts over the US-China trade deal grew stronger off-late during early Thursday. The energy benchmark benefited from the on-going rift between the US and Iran after the US chose to send its armies to Iran suspecting retaliation by the nation in response to its sanctions. The fight turned tough with the latest sanctions from the US to curb Iran’s metal trading.

On another note, a weekly release of the US stock report from the Energy Information Administration (EIA) marked a surprise drop of -3.963 million barrels versus the forecast of +1.215 million barrels and +9.934 million barrels’ prior. Though, energy buyers couldn’t be lured as the latest statement from the US President Donald Trump offered additional hardships to the already thin chances of a successful deal with China. Investors may now turn to actual results from the meet between the US and Chinese policymakers in Washington in order to determine near-term commodity moves.

Crude oil price technical analysis

After edging a bit higher during yesterday’s session, Crude oil price couldn’t hold the momentum and instead headed lower to test the $62.50 level again. The price is currently hovering around the 61.55 resistance level with a neutral momentum as the RSI points out.
A move to the downside looks more probable to take place, so the next level we will be watching is the 60.58 support level.

Crude oil price slips, US-China trade war

Support: 60.97/ 60.58
Resistance: 61.55/ 61.97

Disclaimer

Trading in Forex and Contracts for Difference (CFDs), which are leveraged products, is highly speculative and involves a high level of risk. Therefore, Forex and CFDs may not be suitable for all investors because it is possible to lose all invested capital. Only invest with money you can afford to lose. Before deciding to trade, you need to ensure that you understand the risks involved. Seek independent advice if necessary. Please refer to our Risk Disclaimer.

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.