Tuesday, July 31, 2018

US OIL - 01 August 2018

  • Dollar
  • Oil

Fundamental Highlights

Oil prices faltered in July, shedding value in Crude's worst month in two years. US stockpiles of Crude oil are once again confusing investors and traders, with the American Petroleum Institute showing that US reserves of oil barrels once again rose by 5.6 million barrels in the last week, wiping out previous contractions in supply and sending prices back to the $68 level.

Technical Analysis

Crude prices shattered all near support levels to the downside and are currently hovering just above the $68 support level. Oversold conditions do exist but the momentum is still bearish as the RSI shows on the chart. The next level we will be focusing on is the $67.64 support level.

Support: 67.64 67.02
Resistance: 68.64 69.15

Chart (H1)