Fundamental Development: Oil prices held steady on Wednesday as concerns about weaker demand offset industry data that showed a larger-than-expected draw down in U.S. crude stockpiles. Brent crude futures were at $104.35 a barrel, down 5 cents, or 0.05%. U.S. West Texas Intermediate (WTI) crude rose 9 cents, or 0.1%, to $95.07 a barrel. WTI had climbed nearly $1 earlier in the session. After Tuesday's settlement, industry group the American Petroleum Institute said crude stocks in the United States fell by 4 million barrels last week. He U.S. government's Energy Information Administration releases its weekly oil report later on Wednesday. The Biden administration said on Tuesday it would sell an additional 20 million barrels of oil from the country's Strategic Petroleum Reserve as part of a previously announced plan to tap the facility to calm oil prices boosted by Russia's invasion of Ukraine and a recovery in demand following the COVID-19 pandemic.

Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 94.80 as per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 97 to 97.25 and there is very strong resistance zone at 99.

Alternative Scenario: If XTIUSD will trade above 99 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 102 with the stop loss of 97.
(Note- Crude oil Inventory at 8 PM (IST))


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