Observing news today one can easily get disappointed. However, things are getting better.
The oil market struggle: will the crude oil inventories help?
The oil prices experienced significant losses amid the US-Iran tensions at the beginning of the year. In just a week, the price for WTI fell from the highs near $65 to the levels near $57. The Brent’s price followed a similar scenario, moving down below $64. Now, both of the oil futures seem to found support at the 200-day SMA on the daily chart and need a trigger for the further move. That’s where the crude oil inventories expected today at 17:30 MT time come into play.
According to analysts, the number of barrels held in the inventories will decline by 400 thousand. If the decline is even lower, the oil prices will rebound. In case of the alternative scenario, when the Energy Information Administration reports a surprisingly high increase in the number of barrels, the oil prices will fall.
On the H4 chart of WTI, the price is currently moving towards the resistance at $58.55. If the number of barrels is lower, the price will likely break this level and rise towards the next obstacle at $59.2. When the price overcomes this level, the next resistance will be placed at $59.7. On the other hand, greater-than-expected crude oil inventories will pull the price below the $57.8 level. Further key support levels will be placed at $57.2 and $56.3.
As for Brent, its key levels from the upside lie at $64.6, $65 and $65.7. The downward momentum will be limited by $64 and $63.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
The British pound has increased in value over the course of the past week in line with an ongoing improvement in investor sentiment.
Economic activity in service sector in the Euro zone and the UK is on its lowest rates since 2009.
Jerome Powell made a rare appearance in the public media this Thursday. What did he bring to the audience?