The price of WTI fell with 1.15 USD last trading day, due to expectations by investors that Fed will keep increasing the interest rate. US CPI had risen in April and is suggesting that the interest rates will remain high.
Nearly 3M barrels oil inventory growth, weaker imports in April and slow export growth to China are putting additional downward pressure to the price of the crude oil.
Both RSI and MACD indicators are also suggesting continue of the down trend. If this trend continues, the price might test levels of 64 USD.
In the opposite scenario, the price might reach levels of 77 USD.
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Nearly 3M barrels oil inventory growth, weaker imports in April and slow export growth to China are putting additional downward pressure to the price of the crude oil.
Both RSI and MACD indicators are also suggesting continue of the down trend. If this trend continues, the price might test levels of 64 USD.
In the opposite scenario, the price might reach levels of 77 USD.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.