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?
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).
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.