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

Crude Oil Analysis Technical analysis 15/05/2024

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table – 15/05/2024

Support & ResistanceLevelExplanation
Resistance 279.38Daily R2
Resistance 178.88Daily R1
Support 177.56Daily S1
Support 277.06Daily S2

CRUDEOIL Indicator Table – 15/05/2024

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

CRUDEOIL Indicator / Period Table – 15/05/2024

Indicator / PeriodDay – SellWeek – SellMonth – Sell
MACD( 12;26;9)SellBuyBuy
RSI (14)NeutralNeutralNeutral
SMA 20SellSellSell

CRUDEOIL 15/05/2024 – Reference Price : 78.19

SELLSimple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (1)Sell (1)

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