Market Cap:
BTC Dominance:
Free Trading Account Your capital is at risk.

US crude oil inventories WTI price impact for today

US crude oil inventories WTI price impact for today

Today, the Energy Information Administration will release the US Crude Levelse report. ADS Securities talks about US crude oil inventories WTI price impact.

24 May, ADS Securities – The Brent crude traded higher for the fifth consecutive session yesterday after Iraq agreed to extend the proposed 9-month extension to OPEC oil production-cut deal, eliminating the last obstacles to the agreement.

US crude oil inventories WTI price impact

Meanwhile, a fall in weekly crude oil inventories in the US also lifted the crude prices. As of now, the price action appears to be bearish, suggesting at possibility of correction in the near term. Additionally, a potential signal line crossover from above by the MACD indicator, further substantiates the bearish stance.

Broker of the month

Key support is seen at the psychological $54.00 level, followed by the $53.75 where EMA 55 is trading and $53.45 levels. A move back below the latter might reverse the main trend to bearish. On the flipside, key resistance is positioned at the $54.50 level, followed by the $54.95 and $55.10 levels.

US crude oil inventories WTI price impact

ADS Securities Risk Disclaimer

Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. Hence, it may not be suitable for all investors.

All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.

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, nor should they be attributed to AtoZMarkets.

Premium Brokers

Your capital is at risk.