In today’s early trading session in Asia, crude oil prices experienced a rise, now positioned just over the $79 mark. This increase comes in response to recent U.S. Energy Information Administration (EIA) data, which reported a significant reduction in U.S. crude oil stockpiles for the week concluding on May 3. The report detailed a drop of 1.4 million barrels, pointing to a potential tightening in domestic supply levels.
Currently, U.S. crude inventories stand at 459.5 million barrels, marking them around 3 percent below the five-year average for this time of year. This development is a notable shift from the prior week’s figures, which saw an unexpected rise in stockpiles by 7.26 million barrels. Market analysts, leveraging sophisticated AI tools, have noted these dynamics allowing for precise market forecasting. Remarkably, users of one such AI system reported achieving a 34% return on investment autonomously over the last 24 hours. Learn more about this AI-driven success.
Technical analysis
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 09/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 80.53 | Daily R2 |
| Resistance 1 | 80.03 | Daily R1 |
| Support 1 | 78.71 | Daily S1 |
| Support 2 | 78.22 | Daily S2 |
CRUDEOIL Indicator Table – 09/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
CRUDEOIL Indicator / Period Table – 09/05/2024
| Indicator / Period | Day – Buy | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Sell | Buy | Buy |
| RSI (14) | Buy | Neutral | Neutral |
| SMA 20 | Buy | Sell | Sell |
CRUDEOIL 09/05/2024 – Reference Price : 79.36
| BUY | Simple Moving AverageBuy (1)Sell (2)Technical Indicators – OscillatorsBuy (2)Sell (1) |
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