WTI Crude Oil: the oil market continues to grow steadily
Current trend
The price of North American WTI Crude Oil corrects within the uptrend, trading around 90.08.
The US attempts to correct the energy market by using its reserves were unsuccessful. The supply of "black gold" was increased, but demand at the beginning of the year was so high that even inflated volumes were not enough to reverse the current trend. Now the American authorities have decided to go the other way. Yesterday, it was announced that part of the "nuclear deal" sanctions would be lifted from Iran. According to the US administration, while there is no talking about lifting existing restrictions in the oil industry but only allowing foreign companies to work at Tehran's nuclear facilities, however, analysts have already calculated that in the event of the complete lifting of sanctions, the inflow of cheap Iranian oil to the market will be about 1.6M barrels per day, which can compensate for the current lack of demand.
According to the US Commodity Futures Trading Commission (CFTC), the number of speculative positions on the instrument amounted to 368.9K, slightly decreasing from 373.4K a week earlier, which is quite expected given the ongoing reporting period, which provokes a temporary outflow of investment capital into risk assets such as stocks and stock indices.
Support and resistance
The price rises as part of a long-term Expanding formation pattern on the global chart. Technical indicators maintain a growing global buy signal. Indicator Alligator's EMA fluctuations range expands, and the histogram of the AO oscillator forms upward bars in the buying zone.
Resistance levels: 91.55, 94.00.
Support levels: 87.54, 81.60.
The price of North American WTI Crude Oil corrects within the uptrend, trading around 90.08.
The US attempts to correct the energy market by using its reserves were unsuccessful. The supply of "black gold" was increased, but demand at the beginning of the year was so high that even inflated volumes were not enough to reverse the current trend. Now the American authorities have decided to go the other way. Yesterday, it was announced that part of the "nuclear deal" sanctions would be lifted from Iran. According to the US administration, while there is no talking about lifting existing restrictions in the oil industry but only allowing foreign companies to work at Tehran's nuclear facilities, however, analysts have already calculated that in the event of the complete lifting of sanctions, the inflow of cheap Iranian oil to the market will be about 1.6M barrels per day, which can compensate for the current lack of demand.
According to the US Commodity Futures Trading Commission (CFTC), the number of speculative positions on the instrument amounted to 368.9K, slightly decreasing from 373.4K a week earlier, which is quite expected given the ongoing reporting period, which provokes a temporary outflow of investment capital into risk assets such as stocks and stock indices.
Support and resistance
The price rises as part of a long-term Expanding formation pattern on the global chart. Technical indicators maintain a growing global buy signal. Indicator Alligator's EMA fluctuations range expands, and the histogram of the AO oscillator forms upward bars in the buying zone.
Resistance levels: 91.55, 94.00.
Support levels: 87.54, 81.60.