flag-gb flag-my flag-zh flag-id flag-th flag-vi

Oil prices rise despite disappointing data on US oil reserves

Oil prices are growing despite significant increases in US oil reserves.


On Wednesday, the US Energy Information Administration (EIA) announced an increase in crude oil reserves of 4.892 million barrels, despite the forecast of -2.088 million barrels. Experts attribute the increase in oil reserves to the worsening epidemiological situation in the United States and the resumption of quarantine measures in many states. US fuel consumption peaks during the summer, but the EIA has noted a significant drop in fuel demand in recent weeks due to the spread of COVID-19.


There are other market pressure factors in the market, but investors are ignoring them for now. Investors are closely following the development of a new diplomatic conflict between the United States and China. On Wednesday, the United States demanded to close the Chinese consulate in Houston until Friday, accusing it of espionage and theft of intellectual property. China has pledged retaliation. News agencies are reporting the possible closure of the US Consulate in Wuhan.


The conflict between the world's two largest economies and energy consumers could significantly slow down the global economic recovery.


Regarding the chart, the price resumed its upward movement after testing the support at 41.30. Today we are expecting a breakdown of resistance at 42.30 and the growth of quotations towards the level of 43.75.


  • Resistance levels: 42.30, 43.75, 45.00.


  • Support levels: 41.30, 40.35, 38.70.


The main scenario - a breakdown of resistance at 42.30.


An alternative scenario - a breakdown of support at 41.30 and a decline in the direction of 38.70.


The current fundamental outlook is moderately negative. Despite the negative fundamental background, bullish signals still prevail on the chart. Within the day, we would prioritize longs with entry points near the level of 41.30.

Latest news


2020-12-04 08:57:41

Only from November 02nd, 2020, to January 04th, 2021, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of […]

No Deposit Bonus 100 USD – available for 3 days only!

2020-11-23 08:44:40

Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! πŸ† Bonus details: 100 USD maximum withdrawal 75 lots of required trading turnover 2 weeks to try all of the trading conditions Available for cent accounts πŸ“ How to get the bonus: 1) Register an […]