In today’s Asian trading session, Crude Oil prices hovered above the $83 mark, showing signs of an upward trajectory.

This increase comes in the wake of a notable reduction in U.S. crude oil inventories as reported by the American Petroleum Institute (API) for the week ending April 19. The API’s latest figures revealed a decrease of 3.23 million barrels, a significant shift from the prior week’s build of 4.09 million barrels. This development surpassed market forecasts, which had anticipated an inventory increase of 1.8 million barrels.

The focus now shifts to the forthcoming official data from the U.S. Energy Information Administration (EIA), expected later today. These figures are pivotal as they confirm trends in U.S. crude inventory levels, which have a profound impact on global oil prices due to the country’s substantial consumption rates.

Investors and market analysts are particularly attentive to these updates, which help in sculpting the market’s supply expectations. Interestingly, leveraging sophisticated AI tools has allowed some investors to navigate these volatile markets with notable success. Reports indicate that using this AI technology, some have managed to predict market movements accurately, leading to a remarkable 34% return on investment in just the last 24 hours.

Technical analysis

Crude Oil Analysis Technical analysis 24/04/2024

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table – 24/04/2024

Support & ResistanceLevelExplanation
Resistance 285.38Daily R2
Resistance 184.58Daily R1
Support 182.44Daily S1
Support 281.64Daily S2

CRUDEOIL Indicator Table – 24/04/2024

IndicatorSignal
SMA 20Buy
SMA 50Buy
SMA 100Sell
MACD( 12;26;9)Sell
RSI (14)Buy
Stochastic ( 9;6;3)Buy

CRUDEOIL Indicator / Period Table – 24/04/2024

Indicator / PeriodDay – BuyWeek – BuyMonth – Buy
MACD( 12;26;9)SellBuyBuy
RSI (14)BuyBuyBuy
SMA 20BuyBuyBuy

CRUDEOIL 24/04/2024 – Reference Price : 83.46

BUYSimple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (2)Sell (1)

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