- The price of oil reached the highest since August 2 before falling back.
- Greater-than-expected drop in inventories in the US and the possibility of cutting production favor increases.
- Eyes on Powell and news on the Iran nuclear deal.
The prices of Petroleum they are falling modestly on Thursday, after hitting their highest since early August. Short-term momentum remains bullish.
On Thursday, Wall Street futures are rising while the dollar is slightly lower. This gives some support to oil. Added to the above are the recent inventory data, which showed higher than expected declines. On Wednesday, the Energy Information Agency reported a drop of 3.28 million barrels, with the consensus being for a drop of less than a million.
Traders are awaiting news about the nuclear deal with Iran. In addition, the Jackson Hole symposium begins, which will have Jerome Powell among its exhibitors on Friday.
technically the WTI (trading platforms) is on a bullish tone after breaking a multi-day bearish line. To recover momentum, the price needs to return above $95.00, then the high of the day will follow at $95.55, and $96.00. Beyond that, a strong barrier looms at $98.00. Should it continue above $93.50, further gains look possible. Below the next support is seen at $90.80.
Technical levels
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
