Oil prices dropped on Thursday

10 March, 2017

Oil prices dropped on Thursday amid the U.S. crude inventories growth which returned investors' concerns regarding a global glut despite supply cut agreement.

Current situation

Brent pulled back a bit during the Asian hours and reversed a minor portion of its Wednesday's losses. Buyers were able to return the price to the 53.50 region where the benchmark ran through fresh offers. Brent oil prices continued with a decline in the morning. Sellers returned the price below 53.50 and continued pushing the benchmark lower afterwards. Brent sharply fell in the noon and tested 52.50 dollars per barrel. The 4 hours chart showed that the black gold continued developing well below the moving averages which were all pointing lower. The 50-EMA crossed the 100 and 200 EMAs downwards and in the mentioned chart. The resistance lies at 52.50, the support comes in at 51.50 dollars per barrel.

MACD decreased which confirms the strength of sellers. The RSI indicator remains within oversold readings.

Trading recommendations

A pullback is expected in the market in the near term. The price may recover a bit on profit-taking. The possible target is 53.50 dollars per barrel. If the downward pressure persists the price will reach 51.50 in the coming sessions.

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