-expect down movement if 200 day moving average (red line) hold resistance well
-expect fast up movement to 65 $ if this 200 day moving average doesn´t
hold the resistance
-RSI again near heavy overbought area - expect down movement soon
-MACD going to cross = expect down movement
-price testing upper which implements down movement usually
Rising US inventories have bring down market price on the oil price rally. As the US Department of Energy ( EIA ) announced on Wednesday, the US crude oil reserves rose by 2.8 million barrels compared to the previous week. The US variety WTI was traded at a discount of two percent compared to the previous day. Also, the North Sea Brent noted slightly lower on Wednesday. Rising inventories are a signal of falling oil prices, as this usually results in lower demand in the future.
Tthe oil market is facing the strongest quarter since 2009. Since the beginning of the year, the North Sea Brent has increased by about 25 percent to 68 dollars per barrel (about 159 liters). The price of the US variety WTI rose at a similar rate to over $ 60 a barrel. A large part of its 40 percent price drop at the end of 2018 has made up for the price of oil .
Rising inventories should also encourage the Opec oil cartel to further cut production.
The main reason why oil prices have stabilized since the beginning of the year is the intervention of the "Opec +" alliance, in which member states of the support cartel and allied states such as Russia or Kazakhstan have joined forces. In December 2018 they committed to cut production by 1.2 million barrels a day. As a result the supply on the oil market has narrowed significantly.