Fundamentals of today:
Crude oil prices gained in Asia On Wednesday as industry estimates on U.S. inventories threw up an unexpected drop in supplies.
On the New York Mercantile Exchange crude futures for November delivery rose 0.39% to $52.08, while on London’s Intercontinental Exchange, Brent gained 0.17% to $58.02 a barrel.
U.S. crude oil inventories fell by 761,000 barrels at the end of last week, the American Petroleum Institute (API) estimated Tuesday, compared with a 2.296 million barrels build expected.
Oil supplies at the hub of Cushing, Oklahoma, rose by 1.1 million barrels.
Official data will be released on today from the U.S. Energy Information Administration (EIA). The API and EIA figures often diverge.
Charts and Technicals
Crude Oil current price is 52.19. The next target of Crude Oil is 52.95. 51.50 and 51.12 are possible pullback levels as we have mentioned yesterday.
Today EIA data will be released. Depending on the EIA figures, the price may pullback towards 51.50 and 51.12. However, as we have mentioned in our previous articles, fundamentals turned positive on Crude.
Price is above the green supply zone. Upside targets are 52.95, 53.50 and 54.30. There are no bearish signals in any smaller chart frames.
Conclusion: We will keep our LONG positions and will use possible pullbacks as buying opportunities
Crude oil prices gained in Asia On Wednesday as industry estimates on U.S. inventories threw up an unexpected drop in supplies.
On the New York Mercantile Exchange crude futures for November delivery rose 0.39% to $52.08, while on London’s Intercontinental Exchange, Brent gained 0.17% to $58.02 a barrel.
U.S. crude oil inventories fell by 761,000 barrels at the end of last week, the American Petroleum Institute (API) estimated Tuesday, compared with a 2.296 million barrels build expected.
Oil supplies at the hub of Cushing, Oklahoma, rose by 1.1 million barrels.
Official data will be released on today from the U.S. Energy Information Administration (EIA). The API and EIA figures often diverge.
Charts and Technicals
Crude Oil current price is 52.19. The next target of Crude Oil is 52.95. 51.50 and 51.12 are possible pullback levels as we have mentioned yesterday.
Today EIA data will be released. Depending on the EIA figures, the price may pullback towards 51.50 and 51.12. However, as we have mentioned in our previous articles, fundamentals turned positive on Crude.
Price is above the green supply zone. Upside targets are 52.95, 53.50 and 54.30. There are no bearish signals in any smaller chart frames.
Conclusion: We will keep our LONG positions and will use possible pullbacks as buying opportunities
