Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Crude Oil: Falls On Strong Dollar And Rising Crude Oil Stocks

ByHugo O'Neill
Published 04/09/2015, 04:15 AM
Updated 07/09/2023, 06:32 AM

Yesterday the US dollar rose after the release of the latest FOMC Minutes, as they were perceived slightly less dovish and a June rate hike is still possible. A stronger dollar makes commodities denominated in US dollars expensive for holders of other currencies, typically decreasing demand for such raw materials.

The U.S Energy Information Administration (EIA) yesterday, released its latest survey. The report was expected to show a decrease in crude oil stocks with estimates at 3.429 million barrels but the actual was worse than expected rising to 10.949 million barrels.

Yesterday crude oil price fell more than 4.0% on an average volume and close near the low of the day but still managing to stay above the 10 and 50-day moving averages. The commodity is in a recovery phase and the stochastic is showing an overbought market.

Expecting upward move to a daily resistance at 53.92 on a bounce from a daily key level at 49.54 (scenario 1) or a break below a daily key level at 49.54 can push the commodity down to year lows at 46.08 (scenario 2).

LCrude is a CFD written over Light Crude futures.Crude Daily Chart

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.