
The oil price looks optimistic. What are the reasons?
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.
The oil price looks optimistic. What are the reasons?
Big news shake financial markets more and more often. This time oil is once again the news maker.
The price of WTI oil collapsed even more, it trades at $14.80; why?
The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
USD’s rally takes a pause, while riskier assets are modestly rising.
We are now past the middle of January, and this means that the largest US companies will report their earnings for the fourth quarter and many of them will provide the results of the entire 2020.
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted
Manager will call your number
Next callback request for this phone number
will be available in {time}
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
Beginner Forex book will guide you through the world of trading.
We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.