US Crude Oil Price is experiencing high volatility the last few days due to the recent geopolitical events and energy crisis.
Yesterday Oil price suffered a huge drop. The US Crude Oil Inventories showed a negative change in the number of barrels stored yesterday following the same pattern as the previous week's figures. This shows that the drop is more likely a short-term psychological response to the news and happenings.
Mar 9, 2022 -1.9M Mar 2, 2022 -2.6M
Caution should be exercised making sure that the resistance level, 109 USD, actually broke for the price to move upwards.
The Fibo tool here is not accurate cause there was a spike downwards that should not be included in the analysis, Sometimes the CFD price is not accurate and misleads when using the automated fibo tool.
Price stopped at the 0.382 level (which is 61% retracement of the downward move). Less likely that will move more upwards again towards 115.00. Let's see.