Crude oil inventories have the sharpest decline in 8 months. With a forecast of 0.309M barrels of Crude Oil Inventories the actual figure was -9.589. On top of the dollar weakness this has caused WTI oil futures to jump above 60$.
Oil is trading above the 200EMA which will act as a strong level of support. Fundamental news that are affecting the price of oil is...
SOIL is approaching our first resistance at 59.96 where we might see a corresponding drop to our first support at 51.08.
Stochastic (21,5,3) is also approaching resistance where we might see a corresponding drop in price.
Let me be the first to tell you this idea is almost entirely just an idea. I dont claim to have insider info on this. It will likely take years to find out if I am right, so this is mostly just an idea. If Its wrong, do not ride your life savings on it. If its right however, I demand to be called Oil Oracle. Maybe Oilacle. Thats good.
All the calculations there...
Last short setup failed, Saudi cuts making too much of an impact. They ARE the biggest producers still so it comes to no surprise. Oil looking to push inflation up now as FED come out with the dot plot. With inflation going up, can the FED really keep interest levels down? Big turmoil in the markets ahead
The price has reached the 1.618 Fib and is near the top of the channel. Watch for the price action, there could be a fake breakout before the drop. Also ABCD will close at $61.2
Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. Two major benchmarks for pricing crude oil are the United States' WTI (West Texas Intermediate) and United Kingdom's Brent. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly measured in USD. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken.
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