Oil market updates on November 14

Oil market updates on November 14

Today, the oil prices may move on the release of crude oil inventories at 18:00 MT time. The analysts forecast the number of barrels held in the inventories of the American commercial firms to advance by 1.5 million. 

  • If the actual number of barrels is higher than the expectations, the WTI and Brent prices will go down; 
  • On the other hand, lower-than-expected figures will push the prices for crude higher. 

What is the situation in the market right now?

The price for Brent is having a bullish session. On H4, it has been testing the highs above the resistance at $63.03. If the price is supported by the lower-than-expected release, the break of this level will happen. After that, bulls will focus on reaching the next target at $63.40. The next resistance will lie at $63.90. On the other hand, a higher-than-expected number of barrels will pull the price for Brent below the $62.53 level. The next support will be placed at $62. 

As for WTI, its price has been testing the resistance at $57.7 on H4 since the start of the trading day. The breakout of this level will help bulls to push the price for crude upwards to the $58.08 level. As far as this level will be reached, bulls will try to reach the next one at $58.6. From the downside, it is recommended to keep an eye on the $57.3 level. The great increase in the number of barrels may help bears to overcome that level and focus on reaching the support at $56.8 (50-period SMA). 

Similar

Oil market updates on October 23

According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.

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