Black gold slightly declined amid the crude inventories report

27 February, 2017

Black gold slightly declined amid the crude inventories report. According to the Kuwait business paper research, OPEC and non-OPEC countries kept their promise to reduce oil production only by 86% instead of promised 94%.

Current situation

The tone was negative in the oil market on Friday. The price reversed some losses in the night. Buyers returned the benchmark to 56.66 dollars per barrel where Brent caught fresh offers and moved lower. Sellers returned the price to 56.50 on European open and continued driving black gold lower during the day. Oil prices reached 56.00 ahead of the NY opening. According to 4 hours chart the price tested the 50 and 100 EMAs. The 50-EMA bounced off the 100-EMA upwards. The 50 and 100 EMAs pointed higher while 100-EMA turned neutral. The price was above the moving averages in the same chart. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

A downtrend will start as soon, as the price drops below the support level 55.50 dollars per barrel.


Source link  
Trading activity is on the lowest

The light news flow and a break in US-Chinese trade rhetoric give the equity markets a positive momentum amid so far positive reporting season in the US...

Earnings in focus: a necessary revision

UK Average Earnings excluding Bonus (3Mo/Yr) (Feb) is expected to come in at 2.8% from 2.6% previously. Claimant Count Change (Mar) is expected...

Geopolitics weigh on sentiment

Markets in Asia were mixed on Monday amid rising geopolitical tensions following a western air strike over Syria and as investors await for fresh...


Geopolitics is in the markets spotlight

Well, the global markets remained under pressure on the background of geopolitical risks and the expectations of missile strikes on Syria. It is...

Asian stocks rise despite tensions

Asian equities higher on Thursday, as market participants weighed a potential increase in commercial tensions between the world's two largest...

Negative sentiment returns to markets

After strong sales on the first day of the week, on Tuesday US markets showed a positive trend on technical rebound. US indices added on average...


Large-scale decline in equity markets

Yesterday, American markets experienced a real sale-off, indices fell by almost 3 percent. Earlier in the Asian trading, Chinese Shanghai Composite lost almost 4%...

Markets in Asia turn green

Markets in Asia traded mainly higher on Thursday following a widely expected Federal Reserve interest rate hike and upgrade of the US gross domestic...

Asian markets extend losses

Markets in Asia notched down on Tuesday, as investors remained on hold as the two-day Federal Reserve monetary policy meeting got closer...


In the past 24 hours Bitcoin has lost -0.3% and reached $8818.68. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 0% and is now at $0. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 20.87% and is now at $629.457. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets90%
2FXTMFXTM87%
3HYCMHYCM85%
4FxProFxPro84%
5FIBO GroupFIBO Group82%
6FXCMFXCM70%
7XMXM68%
8Fort Financial ServicesFort Financial Services67%
9Alfa-ForexAlfa-Forex66%
10HotForexHotForex66%
  


Share: