- 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.
WTI US OIL
|Last Price Today||94.65|
|Today’s Daily Change||-0.60|
|Today’s Daily Change %||-0.63|
|Today’s Daily Opening||95.25|
|20 Daily SMA||91.15|
|50 Daily SMA||97.5|
|100 Daily SMA||102.71|
|200 Daily SMA||94.83|
|Previous Daily High||95.26|
|Previous Daily Minimum||92.7|
|Previous Maximum Weekly||91.64|
|Previous Weekly Minimum||85.39|
|Monthly Prior Maximum||109.54|
|Previous Monthly Minimum||88.34|
|Daily Fibonacci 38.2%||94.28|
|Daily Fibonacci 61.8%||93.68|
|Daily Pivot Point S1||93.54|
|Daily Pivot Point S2||91.83|
|Daily Pivot Point S3||90.97|
|Daily Pivot Point R1||96.11|
|Daily Pivot Point R2||96.97|
|Daily Pivot Point R3||98.68|
Source: Fx Street