EIA crude oil inventory report

crude oil

23-05-2018 11:20 AM

WTI crude oil prices edged lower after touching a three-and-a-half year high on Tuesday as the outlook of global supply trouble continued despite threatening sanctions on Iran and declining Venezuelan crude output.

New sanctions were imposed by U.N on Venezuela on Monday following President Nicolas Maduro re-election on Sunday. The sanctions were aimed to curb the county from selling assets.

The outlook of lower output from Venezuela raised expectations that the market will be in scarce as Iran sanctions emerge and global demand rises.

Crude oil Inventory forecast: Time Actual Forecast Previous
API Weekly Crude Oil Stock 2:05AM -1.300M -2.800M 4.854M
Tonight
Crude Oil Inventories 8:00 PM ----- -1.567M -1.404M
EIA Weekly Distillates Stocks 8Pm 8:00 PM ----- -1.335M -0.092M
Gasoline Inventories 8:00 PM ----- -1.388M -3.790M

Technical chart

Crude oil prices hit fresh 3.5 years high yesterday. The Crude oil daily chart has formed “Rising wedge” pattern. In this pattern, the current trend continues in a bullish momentum, but before testing all the way through 4900-4850($71.90-71) which is a slope support line. If it closes below 4850($71), then the selling pressure is likely to extend downside and trend reversal will occur leading to negative territory in the upcoming trading session.

Technical chart



crude oil

   
 
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