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.


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