Weekly Fundamental View on crude oil
The Energy Information Administration’s (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.
If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected.
If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than expected.
In this week the analyst were forecast the crude inventory down by 3.464M Barrels but actual inventory up by 3.295M Barrels that means more supply with weaker demand from the asian and European markets hence the price will go down in this week.
Weekly Technical View on crude oil
In this week the Crude oil price has broken major support level 44.7.
Now the crude oil price will move in between 47.90-44.3. If it break 44.3 level then crude oil price can fall upto 42.2. I think the crude oil price will be hovering directly in 49.65-44.3. Near 45.4 sold , the overall bearish.
Crude Oil Summary (Daily) Sell
Crude oil Technical Summary
|Moving Averages||Sell||Sell||Sell||Strong Sell||Strong|
|Technical Indicators||Sell||Strong Buy||Sell||Strong Sell||Sell|
|Summary||Sell||Neutral||Sell||Strong Sell||Strong Sell|
WTI Crude Oil Price Levels(in USD) Daily
MCX Crude Oil Price Levels(in INR), Daily
Last update on 12 June 2017, 11:45 AM IST
Today’s crude oil Technical Indicators (Daily)
Last Update on 12 June 2017,11.47 AM IST
|Buy: 0 Sell: 8 Neutral: 1
Result: STRONG SELL
Today’s MCX Crude Oil Moving Averages
Last Update on 12 June 2017, 11.45 AM IST
|Period||Exponential Moving Average|
|BUY: 1 SELL: 5