Crude oil price rose sharply to a high of 61.18. This was the highest level it has been since August 5.
14 August 2019, OctaFX – The price of crude oil rose sharply after the US eased on trade. The gains were also driven by the reduction in US inventories. According to the American Petroleum Institute (API), the weekly oil stocks declined by more than 2.19 million barrels.
This was a slightly lower decline than last week’s decline of 3.4 million barrels. Later today, the Energy Information Administration (EIA) will release its inventories data. Numbers are expected to show that inventories declined by 2.77 million barrels. Gasoline inventories are expected to have increased by 985k.
Crude oil price technical forecast
On the hourly chart below, the price is trading at 60.47, which is along the 50% Fibonacci Retracement level. It is also slightly below the upper line of the Bollinger Bands. The ADX remains relatively unmoved at the current level of 26. The pair could continue moving higher ahead of the US inventory numbers.
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