December 19, OctaFX – The price of crude oil remained at 15-year lows after data from the American Petroleum Institute (API) showed increased inventories. The stocks rose by 3.45 million barrels after having a drawdown of more than 10 million barrels a week ago.
Investors are currently concerned that the supply cuts announced by OPEC+ did not go far enough and that American production is continuing. Later today, the Energy Information Administration (EIA) will release its inventory numbers for the week. Investors expect a drawdown of 2.45 million barrels.
WTI Price Technical Forecast
The price of West Texas Intermediate (WTI) crude rose slightly in the Asian session. Still, the pair remained closer to the 15-month lows. The current price of 46.74 is slightly above the 28-day double EMA but lower than the 50-day double EMA.
The momentum indicator remains lower than 100 while the Average Directional Index (ADX) has fallen to 27. Today, the movements will likely be influenced by the EIA inventory data.
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