WTI Crude Oil: oil declines after the release of the EIA report
Current trend
The North American light oil price, WTI Crude Oil, declines, currently trading around 70.70.
Yesterday, the US Energy Information Administration (EIA) published key statistics on the state of the domestic oil market. According to the department, commercial stocks for the week fell by 0.240M barrels to 433M barrels. The volume of imports of "black gold" increased by 0.329M barrels and amounted to 4.2M barrels per day, while its production increased by 0.154M barrels and reached 11.7M barrels per day, which is the year's record. It was also recorded that demand from oil refineries increased by 0.200M barrels and amounted to 15.6M. Strategic oil reserves decreased by 1.700M barrels and currently amount to 600.9M barrels.
Thanks to the entry into the market of additional volumes of energy from the US reserves, it was possible to compensate for a serious shortage of raw materials, leading to a smooth depreciation of the asset price soon.
Support and resistance
On the global chart, the price is correcting after a significant decline. Technical indicators keep a sell signal: the range of EMA fluctuations on the Alligator indicator, although narrowing, is still quite stable, and the AO oscillator histogram is forming upward bars, being in the sell zone.
Resistance levels: 72.70, 78.46.
Support levels: 69.18, 61.67.
The North American light oil price, WTI Crude Oil, declines, currently trading around 70.70.
Yesterday, the US Energy Information Administration (EIA) published key statistics on the state of the domestic oil market. According to the department, commercial stocks for the week fell by 0.240M barrels to 433M barrels. The volume of imports of "black gold" increased by 0.329M barrels and amounted to 4.2M barrels per day, while its production increased by 0.154M barrels and reached 11.7M barrels per day, which is the year's record. It was also recorded that demand from oil refineries increased by 0.200M barrels and amounted to 15.6M. Strategic oil reserves decreased by 1.700M barrels and currently amount to 600.9M barrels.
Thanks to the entry into the market of additional volumes of energy from the US reserves, it was possible to compensate for a serious shortage of raw materials, leading to a smooth depreciation of the asset price soon.
Support and resistance
On the global chart, the price is correcting after a significant decline. Technical indicators keep a sell signal: the range of EMA fluctuations on the Alligator indicator, although narrowing, is still quite stable, and the AO oscillator histogram is forming upward bars, being in the sell zone.
Resistance levels: 72.70, 78.46.
Support levels: 69.18, 61.67.
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