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Crude Oil Rallies Over Declining U.S Stocks And OPEC's Positive Efforts, Eyes on U.S Inventories

26 July 2017 08:12 PM BDT
Crude Oil Rallies Over Declining U.S Stocks And OPEC's Positive Efforts, Eyes on U.S Inventories

FxGrow Daily Technical Analysis – 26th July, 2017 By FxGrow Research & Analysis Team Crude Oil Rallies Over Declining U.S Stocks And OPEC's Positive Efforts, Eyes on U.S Inventories Crude Oil managed to gain +2.27 On Tuesday after clocking $48.65 high, however, oil failed to add any $ pip value today, after a minor dip at 48.15. Currently, oil is trading with low price action with 43 pip value, but expectations of higher volatility as markets awaits U.S Inventories release today 2:30 PM GMT. Positive Fundamentals since Monday has been pushing oil and contributing to oil bullish forces. First reports of U.S crude stocks falling sharply last week by 10.2 million barrels in the week ending July 21 to 487 M while expectations were at 2.6 M. Add to that, The market has been buoyed by Saudi Arabia's announcement at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non OPEC producers on Monday that it would limit crude exports to 6.6 million barrels per day (bpd) in August, down nearly 1 million bpd from a year earlier. (Reuters). Technical Overview... For more in depth Research & Analysis please visit FxGrow. Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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