Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

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

By Hugo O'NeillCommoditiesApr 09, 2015 04:15AM ET
www.investing.com/analysis/crude-oil:-falls-on-strong-dollar-and-rising-crude-oil-stocks-247830
Crude Oil: Falls On Strong Dollar And Rising Crude Oil Stocks
By Hugo O'Neill   |  Apr 09, 2015 04:15AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

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
Crude Daily Chart

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

Related Articles

Tim Knight
Is Gold Setting Up A Breakout? By Tim Knight - Jan 24, 2022 3

Let’s stop talking about equities for a moment and turn our attention to the one thing whose bull market I always applaud, which is gold. Looking at symbol GLD) there is some very...

Arkadiusz Sieron
Gold Slides And Rebounds In 2022 By Arkadiusz Sieron - Jan 24, 2022 2

My outlook for gold in 2022 suffers from manic depression: I see first a period of despair and an elevated mood later. So, 2021 is over! 2022 will be better, right? Yeah, for sure!...

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

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email