Forex Marketz Daily Forex News – Fully Markets Update
The price of crude oil, as well as US WTI light and sweet, rebounded during today’s Asian trade session. The price of oil had slipped to a three week low after the API data showed that US inventories lost 9.2 million barrels last week. This was a far greater drop than the 3 million barrel contraction that was expected to be reported in official EIA figures. Those are due out today. If they come closer to API projections, this could further support the black gold.
Chinese data was also being watched this morning. China National Petroleum Corp is scheduled to release its outlook for local and global energy demand at 6:00 am GMT. A steep drop in refining activity could weigh on prices amid worries of lessening demand from China, which is the largest crude consumer. This could also prove likewise negative.
Crude Oil Technical Analysis
The daily technical analysis has not changed by much. Price action has broken down around the rising trend line for June’s sig low. This suggests that the two month uptrend for the black gold has ended.
Next, a daily close below the next downside barrier that lines up at $47.30 per barrel will challenge the next support level lining up at 45.40. The alternative technical analysis notes the first upside barrier lining up at $48.50 per ounce. The next upside layer lines up at the August 1 price point high near $50.40 per barrel.
