💡The situation for USOIL today is relatively optimistic, showing a fluctuating and moderately strong trend. Here is the detailed analysis:
📈Price Trend: As of midday in the Asian session on October 22, WTI crude oil prices have edged higher in the short term, trading around $58.1, up from the previous day's closing price. WTI crude closed 1.14% higher at $57.962 the previous day.
♦Influencing Factors:
Supply Side: The U.S. Department of Energy announced a tender to purchase 1 million barrels of crude oil to replenish the Strategic Petroleum Reserve. This news boosted sentiment in the energy sector and provided support for oil prices.
♦Demand Side:
API data showed a decline in U.S. inventory levels last week, which improved market sentiment toward demand and also supported higher oil prices.
♦Macroeconomy: Expectations of a Federal Reserve rate cut continue to rise, with a 98.9% probability of a 25-basis-point rate cut in October. Capital has been flowing back into risk assets, providing some impetus to crude oil prices.
♦Geopolitics:
Europe and Ukraine have drafted a 12-point ceasefire plan. Expectations of eased geopolitical tensions temporarily weakened safe-haven demand, indirectly supporting a stronger U.S. dollar and thus exerting some pressure on oil prices. However, factors such as the U.S. oil purchase news and the drop in API crude inventories have provided more significant support for oil prices.
♦Technical Analysis:
Short-term moving averages show signs of flattening, indicating that the crude oil price trend may be stabilizing. Oil prices are inclined to fluctuate with moderate strength in the short term today. The short-term resistance level above is around 59.0-60.0, while the short-term support level below is around 56.0-55.0.
💎Trading Strategy:
Sell 58.00 SL 58.60 TP 57.00
Buy 57.5 SL 56.8 TP 58.5
Daily-updated accurate signals are at your disposal. If you run into any problems while trading, these signals serve as a reliable reference—don’t hesitate to use them! I truly hope they bring you significant assistance
📈Price Trend: As of midday in the Asian session on October 22, WTI crude oil prices have edged higher in the short term, trading around $58.1, up from the previous day's closing price. WTI crude closed 1.14% higher at $57.962 the previous day.
♦Influencing Factors:
Supply Side: The U.S. Department of Energy announced a tender to purchase 1 million barrels of crude oil to replenish the Strategic Petroleum Reserve. This news boosted sentiment in the energy sector and provided support for oil prices.
♦Demand Side:
API data showed a decline in U.S. inventory levels last week, which improved market sentiment toward demand and also supported higher oil prices.
♦Macroeconomy: Expectations of a Federal Reserve rate cut continue to rise, with a 98.9% probability of a 25-basis-point rate cut in October. Capital has been flowing back into risk assets, providing some impetus to crude oil prices.
♦Geopolitics:
Europe and Ukraine have drafted a 12-point ceasefire plan. Expectations of eased geopolitical tensions temporarily weakened safe-haven demand, indirectly supporting a stronger U.S. dollar and thus exerting some pressure on oil prices. However, factors such as the U.S. oil purchase news and the drop in API crude inventories have provided more significant support for oil prices.
♦Technical Analysis:
Short-term moving averages show signs of flattening, indicating that the crude oil price trend may be stabilizing. Oil prices are inclined to fluctuate with moderate strength in the short term today. The short-term resistance level above is around 59.0-60.0, while the short-term support level below is around 56.0-55.0.
💎Trading Strategy:
Sell 58.00 SL 58.60 TP 57.00
Buy 57.5 SL 56.8 TP 58.5
Daily-updated accurate signals are at your disposal. If you run into any problems while trading, these signals serve as a reliable reference—don’t hesitate to use them! I truly hope they bring you significant assistance
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Welcome to join my free channel for market updates: t.me/+EZspzjD8FT40YTY8
Daily update professional financial trading strategies: t.me/+6i-kmFunsMVkNzQ0
Let profitable trading become easier: t.me/+EZspzjD8FT40YTY8
Daily update professional financial trading strategies: t.me/+6i-kmFunsMVkNzQ0
Let profitable trading become easier: t.me/+EZspzjD8FT40YTY8
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.