TrendsWide
Contact US
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
No Result
View All Result
Home Economie

Crude Oil Price Has Exceeded $62; Where to Next?

by souhaib
April 14, 2021
in Economie
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


Crude oil price has managed to move past $62 after failing to reach the level since its decline to 58 in mid-March. The surge is a reaction to the decline in US oil stockpiles. Stalled US-Iran nuclear talks have also supported the prices.

You might also like

‘momentum is continuing into 2022’

Astra Space stock closed down 20% on Monday: here’s why

Ripple, Dogecoin, Litecoin price forecast for February 2022

crude oil price

US Inventories Data

On Wednesday, the EIA confirmed the trend cited by API on Tuesday. According to the API, the weekly inventories fell by 3.608 million barrels; beating the estimated decline of 2.154 million barrels.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

EIA confirmed the trend by presenting a reading of -5.889 million barrels. The figure is better than the expected -2.889 million barrels, and an improvement from the prior week’s -3.522 million barrels. Furthermore, the gasoline inventories reading is at 0.309 million compared to the forecasted 0.786 million barrels.

Tip: looking for an app to invest wisely? Trade safely by signing-up with our preferred choice,
eToro:

visit & create account

Stalled US-Iran Nuclear Talks

Crude oil price is also finding support from the hurdle in US-Iran talks on the nuclear deal. For the investors looking to trade oil, successful talks will result in lifting the current economic sanctions on Iran. With the country having the fourth-largest oil reserves in the world, the move would be negative for crude oil price. However, that may take a little longer after Iran indicated that it would heighten its uranium reserves to 60% to strengthen its position in the talks. This comes after the attack on its key nuclear plant.    

Crude Oil Price Technical Outlook

Crude oil price is rallying for the third consecutive session. Over the course of the week, WTI futures have risen by close to 6%. On Wednesday, the benchmark for US oil was up by 2.86% at $62.17. On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages.

Notably, the bulls have managed to push crude oil price past $62, which has been an important resistance level for close to a month now. After dropping from the 15-month high of $68 to $58 in mid-March, $62 has been a rather evasive mark. After gathering enough energy to hit and surge past this level, the bulls will now be targeting $64 before moving to last month’s high of $68. However, the price is likely to consolidate slightly at around $62 before resuming its rally.

However, this thesis will be invalidated if the price falls past the support level of $61. If that happens, the levels to watch out for are the psychological $60 and prior support level of $59.

crude oil price



Source link

Share this:

  • Twitter
  • Facebook
  • More
  • Pinterest
  • Telegram
  • Email
Share30Tweet19
Previous Post

Who was Bernie Madoff? Ponzi scheme architect’s impact affected many

Next Post

Golf legend Gary Player’s son Wayne ‘banned from the Masters for alleged ambush-marketing stunt’

souhaib

Recommended For You

‘momentum is continuing into 2022’

by souhaib
February 7, 2022
0

Shares of Chegg Inc (NYSE: CHGG) are up 10% in extended trading on Monday after the student services company said it performed better-than-expected in Q4, despite COVID-19 uncertainty....

Read more

Astra Space stock closed down 20% on Monday: here’s why

by souhaib
February 7, 2022
0

Read more

Ripple, Dogecoin, Litecoin price forecast for February 2022

by souhaib
February 7, 2022
0

The cryptocurrency market is advancing this Monday, and this situation also supports the price of Ripple XRP/USD, Dogecoin DOGE/USD, and Litecoin LTC/USD. Bitcoin is trading above the $44,000...

Read more

Analyst: ‘Apple would be forced into it if Amazon goes after Peloton’

by souhaib
February 7, 2022
0

Read more

Should I buy Uber shares in February 2022?

by souhaib
February 7, 2022
0

Uber Technologies, Inc. (NYSE: UBER) will announce fourth-quarter earnings results this Wednesday, February 09, after the market closes. Uber shares have weakened more than 10% since the beginning...

Read more
Next Post

Golf legend Gary Player's son Wayne 'banned from the Masters for alleged ambush-marketing stunt'

No Result
View All Result

Recent Posts

  • The president of the PRI, Alejandro Moreno, proposes to change the law so that people can arm themselves in the face of insecurity
  • USA: the states that host the most undocumented migrants
  • US boosts monkeypox vaccination campaign
  • The number of dead Mexicans among the migrants found in a trailer rose to 27: Consul
  • Global Corona injuries exceeded 542 million… What about the deaths? | Politics news

Browse by Category

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Pages

  • Contact US
  • Newsletter
  • Privacy Policy
  • Terms & Conditions

© 2021 - TrendsWide

No Result
View All Result
  • Home
  • Contact US
  • Privacy Policy
  • Trending
  • U.S.
  • Economie
  • Deals
  • Reviews
  • Cryptocurrency
  • Health
  • Life Style
  • NBA

© 2021 - TrendsWide