In today’s Asian trading session, crude oil prices rose, trading above the $78 mark. This uptick was influenced by recent industry reports indicating a reduction in U.S. oil stockpiles, suggesting tighter supply conditions. Nonetheless, the upward momentum in prices was somewhat moderated by the market’s anticipation of upcoming U.S. inflation data.
Adding to the optimism in the oil sector, remarks from Federal Reserve Chair Jerome Powell highlighted the enduring strength of the U.S. economy, which has reassured investors. Further bolstering market sentiments, China unveiled a significant fiscal stimulus through a 1 trillion yuan ($138 billion) bond issuance, which is expected to invigorate economic activity.
In Canada, concerns over oil supply disruptions have intensified following devastating wildfires near Fort McMurray, a key hub in the Canadian oil sands region. The mandatory evacuation of around 6,000 residents due to the advancing fires has heightened anxieties about potential impacts on oil production.
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Technical analysis
Time Frame: 1 hour
CRUDEOIL Support & Resistance Table – 15/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 79.38 | Daily R2 |
| Resistance 1 | 78.88 | Daily R1 |
| Support 1 | 77.56 | Daily S1 |
| Support 2 | 77.06 | Daily S2 |
CRUDEOIL Indicator Table – 15/05/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Neutral |
| Stochastic ( 9;6;3) | Buy |
CRUDEOIL Indicator / Period Table – 15/05/2024
| Indicator / Period | Day – Sell | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Sell | Buy | Buy |
| RSI (14) | Neutral | Neutral | Neutral |
| SMA 20 | Sell | Sell | Sell |
CRUDEOIL 15/05/2024 – Reference Price : 78.19
| SELL | Simple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (1)Sell (1) |
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