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  
Pressure on dollar is increasing

USD dollar opens a new week under pressure, being at record low levels. The dollar index is currently traded at 90.25 points, the level last seen on the...

Tax reforms remains in focus

Asian equity indexes displayed a mixed dynamic on Wednesday as attention was entirely directed to an ongoing debate in the US over...

CBs refrained from changes

ECB economists now expect that the euro area economy will grow by 2.3% in 2018, well above the expected growth of 1.8% growth forecasted back...


Asian stock indexes drop

Equity indexes in Asia were mainly lower in late hours on Wednesday, as investors’ sentiment was affected by a weak close on Wall Street...

Market sentiment is improving

On Tuesday, global markets were able to change the mood and moved to gain, with some of the European markets recovering all Monday's losses...

Global markets consolidate

At the beginning of the week, the global market sentiment remains restrained, as stock markets are under pressure despite the start of the...


OPEC's output cuts extension

The oil market will be in focus in the next few days as the Organization of the Petroleum Exporting Countries and a group of independent producers...

Black friday: how do they affect markets?

While for some people Thanksgiving may still be a day to thank ‘god’ for the blessing of the harvest (office jobs also apply?), nowadays is a holiday...

Asian markets are mainly quiet

Asian markets were mainly quiet on Thursday, following a calm session on Wall Street as market participants digested FOMC minutes and looked...

  


Share: