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

API data limited further growth in oil prices

On Wednesday, oil prices are slightly lower after the publication of data on the growth of oil inventories in the United States and continuing concerns about the reduction in energy consumption in the United States and Europe due to tightening of quarantines.

According to the API for the reporting week, the level of oil reserves increased by almost 2 million barrels. This indicator has been growing for the 5th week in a row, indicating a decline in consumption in the United States.

 

Weekly data from the EIA will be released later. Experts surveyed by Reuters expect a 1.9 million barrels of stocks to fall. These APIs increase the likelihood that the report will be worse than market expectations.

 

The market continues to be constrained by concerns related to tougher quarantine measures in European countries. On Tuesday, the International Energy Agency (IEA) warned that the introduction of a vaccine to combat the coronavirus pandemic will not quickly change the energy market. The IEA downgraded its estimates of oil demand this year by 50,000 barrels per day and 170,000 barrels per day next year, citing insufficient demand for jet fuel as air traffic remains extremely low.

 

On the chart, the price is holding above the level of 47.40. Within the day, we expect the quotes to grow in the direction of the 48.40 mark, where reversal signals can be formed.

 

  • Resistance levels: 48.40, 49.00, 50.00.

 

  • Support levels: 46.70, 44.80, 43.50.

 

The main scenario is growth to 48.40.

 

An alternative scenario is a decline below 47.40 and a rollback in the direction of 44.80.

 

The current fundamental outlook is neutral. We consider shorts after the price decline below 47.40.

Latest news

DEPOSIT BONUS 200%: PROLONGED TILL 04 JANUARY 2021!

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 […]