Crude Oil: The Bull May Be Over
hasan imam | May 24, 2017 07:56
On Wednesday, a ministerial monitoring committee consisting of OPEC members of Kuwait, Venezuela, Algeria and non-OPEC Russia and Oman will meet in the Austrian capital to discuss the progress of cuts in oil production and their impact on global oil supply. Saudi Arabia, which holds the current OPEC presidency, will also attend.
The U.S. Energy Information Administration will release its official weekly oil supplies report at 10:30AM ET (14:30GMT) Wednesday.
Analysts expect crude oil inventories to drop by around 743,000 barrels .
After markets closed on Tuesday, the American Petroleum Institute said that U.S. oil inventories fell by a less-than-expected 1.5 million barrels in a week ended on May 19. The API report also showed a decline of 3.15 million barrels in gasoline stocks, while distillate stocks dropped by 1.85 million barrels.
Technically speaking, crude oil is trading higher, after making a low of $43.75 dated May, 5 2017. As per the Fibonacci projection zone, after gaining of $2.90 in the same day, crude oil opened for precalculated price zone of $51.50-51.90. Now a corrective reversal may be due.
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.