FX.co ★ ethans | CL/Crude Oil
CL/Crude Oil
Crude Oil Trend Evaluation The analysis of the price behavior of Crude Oil is up for discussion. The quote broke the ascending trend yesterday, then retested the broken level, did not go above the allowed $73.20, and went down again, which suggests the continuation of the downward trend. The intraday low was marked by 72.32, which will confirm the strength of the sellers. After all, speculators sometimes don’t even have to try, and all the fundamental data is in their favor. For pattern, the largest buyer of oil, China, celebrates the New Year from January 29 to February 12. This means that the absence of such a buyer on the oil market for two whole weeks cannot but affect prices. Crude oil reserves in the US have grown more than expected, and the Fed left the rate at the same level of 4.5%. As if that’s all the data for a further price drop. Just right for Trump, up to the level of $66.00 per barrel, of course, is a bold assumption, but it may well still reach 71.08.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade