Seems that The US Oil price has significantly risen this year. Below are the inventory changes for the previous month:
Jan 26, 2022 2.4 M
Jan 20, 2022 0.5 M
Jan 12, 2022 -4.6 M
Jan 5, 2022 -2.1 M
Last one shows that more barrels remained in inventory, however demand for oil has risen significantly especially after the loosening of the Covid restrictions.
On the technical side it seems that a short-term price retracement is possible supported by the Fibonacci Retracement Indicator.
Jan 26, 2022 2.4 M
Jan 20, 2022 0.5 M
Jan 12, 2022 -4.6 M
Jan 5, 2022 -2.1 M
Last one shows that more barrels remained in inventory, however demand for oil has risen significantly especially after the loosening of the Covid restrictions.
On the technical side it seems that a short-term price retracement is possible supported by the Fibonacci Retracement Indicator.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.