Things to Know About Crude Oil Today

Both of the Asian & European sessions remained quiet despite the release of UK inflation rate. Apparently, the market participants are...

Arslan Butt•Wednesday, March 20, 2019•1 min read

There will come a time when the price of crude Oil will spill down

What’s up, traders.

Both the Asian & European sessions remained quiet despite the release of UK inflation rate. Apparently, the market participants are hesitant to enter the market ahead of the FOMC Statement and Fed Fund Rate. The figures are due for the US session.

Speaking of crude oil, the black gold is trading slightly bearish around $58.74, down by 0.93% for the day. Overall, the WTI crude oil is supported by ongoing supply cuts led by OPEC. Moreover, the US sanctions against Iran and Venezuela are also underpinning oil prices.

At the moment, crude oil traders are awaiting the Stockpile report from the EIA (Energy Information Administration. Inventories are forecast to rise by 0.5M vs. -3.9M barrels’ draw during the past week.

Crude oil price is steady outside the sideways channel with immediate support around $58. Crude oil can continue trading bullish above this level with an immediate target of around $58.85 and $59.45. On the lower side, oil can stay bearish below $57 and $56.60.

Good luck!

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.