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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.
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…
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.
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