Crude Oil Price Remains At Risk of More Losses

Key Highlights Crude oil price started a downward move after it broke the $63.40 support against the US dollar.There is a key bearish trend line formed with resistance at $61.85 on the 4-hours chart of XTI/USD.The IBD/TIPP Economic Optimism Index increased from 54.2 to 58.6 in May 2019.The EIA Crude Oil Stockpiles figure is likely to change by 0.744M, compared with the last...
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Crude Oil Price Forming Short-term Top?

Key Highlights Crude oil price struggled to break the $66.50-66.70 resistance area and declined against the US dollar. There was a break below a key contracting triangle with support at $64.30 on the 4-hours chart of XTI/USD. The $63.00 level is a crucial support on the downside followed by $62.60. The US Trade Balance in Dec 2017 posted a trade deficit of $-53.1B...
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Crude Oil Price to Decline Further Towards $55.00?

Key Highlights Crude oil price struggled to move above the $58.00-59.00 levels and moved down against the US dollar. There was a break below a major bullish trend line with support at $57.40 on the 4-hours chart of XTI/USD. The US Services PMI in Nov 2017 decreased from the preliminary reading of 54.7 to 54.5. Today, the US ADP Employment Change will be released f...
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