Crude oil price has moved slightly higher in the Asian session. Could the price continue moving lower? Gain insight into the following XTIUSD technical forecast.
November 21, OctaFX – Yesterday, the price of crude oil dropped to the lowest levels since last year. Brent and WTI dropped to lows of $61.95 and $52.69. The decline was because Russia rejected calls by Saudi Arabia to reduce supplies.
In the Asian session, the price rose slightly after the American Petroleum Institute (API) released its weekly inventory numbers. The numbers showed a sudden drawdown in crude oil.
The inventories declined to 1.54 million barrels. This was significantly lower than last week’s boost of 8.45 million barrels. Today, the EIA will release its numbers, with traders expecting inventories to show 2.94 million barrels.
XTIUSD Technical Forecast
The XTIUSD moved slightly higher in the Asian session. It still remains near the lowest level since last year. On the four-hour chart, the double EMAs show that the pair could continue moving lower.
The RSI has moved slightly up to 34, from the previous low of 29. The momentum indicator too has fallen as shown below. There is a likelihood that the pair will continue the downward momentum as traders wait for the OPEC meeting in Vienna. The meeting will be held on December 6.
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