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Would you like to trade some oil? If the answer is yes, you’ve clicked on the right article. The week is going to be very eventful for oil traders, indeed. At first, there will be the release of crude oil inventories by the EIA today at 17:30 MT time. According to the forecast, the EIA will announce the decline of 1.6 million barrels held in inventories of commercial firms. The lower actual level will provide support to the oil prices. The release by EIA will be crucial for the oil market ahead of the OPEC meeting tomorrow, where the oil-producing countries are expected to announce deeper output cuts. The other positive factor is the US-China phase one trade deal, which is expected to be signed soon.
Let’s look at the charts of Brent and WTI to understand the current situation in the market.
Brent price is looking for the recovery
On H4, the price of Brent is having a bullish session as the price has been moving above the 200-period SMA and has tested the $62.08 level. If there are no disappointing surprises, we may expect the breakout of the $62.08 level and the rise towards the next resistance level at $62.5. The Stochastic oscillator has not entered the overbought zone yet, that is why bulls may keep control of the market. If the release of crude oil inventories comes out higher than the forecasts, Brent’s price will correct to the downside towards the $60.75 level.
To trade Brent with FBS you need to choose BRN-20G in MT4
WTI has met the 100-period SMA
The price of WTI has managed to stick above the 200-period SMA on H4. But that was not the final action for the crude’s price, as bulls have pushed it towards the 100-period SMA at $57.20. In case of a breakout of this level, the further rise is expected to be limited by the $57.4 level. From the downside, the first support is placed at 56.6.
To trade WTI with FBS you need to choose WTI-20F in MT4
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet on January 4.
What will happen? Crude oil inventories will be announced at 17:30 MT (GMT+3) on Wednesday, September 29…
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
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