WTI Crude Oil: correction on US inventory growth data
Current trend
The price of North American WTI Crude Oil is correcting within a downtrend around 97.00, having lost more than 5.7% in value yesterday.
As it became known yesterday, 29 member countries of the International Energy Agency (IEA) will release up to 120M barrels of "black gold" from their reserve storage facilities. There has never been such an intervention in the history of the oil market, and the main goal of this operation is to stabilize the exchange rate of energy carriers, whose quotes continue to be around 100 dollars per barrel. It is expected that 60M barrels of the total volume will be allocated by the United States and the remaining 60M – by other countries of the agreement: Japan, Australia, and the states that are members of the EU.
The asset's local dynamics were influenced by data on reserves from the American Petroleum Institute (API) and the International Energy Agency (EIA). According to the API report, weekly oil stocks increased by 1.080M barrels after falling by 3.000M barrels last week, while the EIA reported an increase of 2.421M barrels after falling last week by 3.449M barrels.
Support and resistance
After yesterday's decline on the daily chart of the asset, the first signs of the beginning of the implementation of the Triangle pattern appeared. The price tried to consolidate below the support line of the pattern. Technical indicators gave a signal to start selling: indicator Alligator's EMA fluctuations range began to expand downwards, and the histogram of the AO oscillator formes downward bars in the sell zone.
Resistance levels: 102.87, 113.75.
Support levels: 93.40, 83.93.
The price of North American WTI Crude Oil is correcting within a downtrend around 97.00, having lost more than 5.7% in value yesterday.
As it became known yesterday, 29 member countries of the International Energy Agency (IEA) will release up to 120M barrels of "black gold" from their reserve storage facilities. There has never been such an intervention in the history of the oil market, and the main goal of this operation is to stabilize the exchange rate of energy carriers, whose quotes continue to be around 100 dollars per barrel. It is expected that 60M barrels of the total volume will be allocated by the United States and the remaining 60M – by other countries of the agreement: Japan, Australia, and the states that are members of the EU.
The asset's local dynamics were influenced by data on reserves from the American Petroleum Institute (API) and the International Energy Agency (EIA). According to the API report, weekly oil stocks increased by 1.080M barrels after falling by 3.000M barrels last week, while the EIA reported an increase of 2.421M barrels after falling last week by 3.449M barrels.
Support and resistance
After yesterday's decline on the daily chart of the asset, the first signs of the beginning of the implementation of the Triangle pattern appeared. The price tried to consolidate below the support line of the pattern. Technical indicators gave a signal to start selling: indicator Alligator's EMA fluctuations range began to expand downwards, and the histogram of the AO oscillator formes downward bars in the sell zone.
Resistance levels: 102.87, 113.75.
Support levels: 93.40, 83.93.
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