Oil Nears Resistance Ahead of Inventories Report
April 5, 2017 11:36 amVideo
Latest News
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
- GBP/USD: trading tips for beginners for European session on April 16 April 16, 2024
- EUR/USD: trading tips for beginners for European session on April 16 April 16, 2024
Oil prices have rebounded since March 27, trading above the short term 10 and 20 SMAs on the 4-hourly chart. The rally was helped by OPEC’s consideration of a 6-month output cut extension, and a noticeable drop in EIA crude oil inventories figure (the week ending March 24). Although OPEC member states have executed the output cut effectively since the agreement was made in December. However, the drop in oil supply has been slower than expected, mainly because the US shale oil industry has been thriving helped by the rising oil prices. Saudi Arabia’s energy minister has warned that “no free ride” for non-OPEC oil producer competitors. OPEC will likely decide whether to extend the output cut in their scheduled meeting on May 25 in Vienna. It was reported on March 30 that Kuwait and some other OPEC member states support an extension of output cut, providing oil prices some support. At present, the supply remains high, whether OPEC will extend output cut is still vague. The trend of spot WTI remains bullish, as it still trades above the short term SMAs. However, the current price is nearing the short-term major resistance level at 52.00. The selling pressure is heavy above the level. Be aware that the bullish momentum is likely to be restrained here. Both the 4-hourly and the daily Stochastic Oscillators are above 80, suggesting a retracement. Crude oil inventory (the week ending Mar 31) will be released at 15:30 BST today – always a major influencer in Oil price volatility. It will likely cause volatility for oil prices. The resistance level is at 52.00, followed by 52.50 and 52.80. The support line is at 51.50, followed by 51.00 and 50.50.
Source: FX Pro Market Snapshot
Related Posts: