Crude Oil Price Likely To Accelerate Decline Below $54

Key Highlights Crude oil price is facing a strong resistance near $57.00 against the US dollar.A major bearish trend is forming with resistance near $57.10 on the 4-hours chart of XTI/USD.The US crude oil inventories increased by 1.6 million barrels in the week ending August 9, 2019.The US Retail Sales in July 2019 might increase 0.3% (MoM), less than the last +0.4%. Cru...
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Crude Oil Price Recovery Won’t Be Easy

Key Highlights Crude oil price declined below the key $56.00 support area against the US dollar.A crucial bearish trend is forming with resistance near $57.50 on the 4-hours chart of XTI/USD.The IBD/TIPP Economic Optimism declined from 56.6 to 55.1 in August 2019.The EIA crude oil stocks (weekly measure) could change -3.313M (previous - -8.496M). Crude Oil Price Technica...
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Crude Oil Price Could Struggle To Surpass $58.00

Key Highlights Crude oil price topped near $60.80 and declined sharply below $57.00 against the US dollar.A bearish trend is forming with resistance near $57.80 on the 4-hours chart of XTI/USD.The US Manufacturing PMI in July 2019 (Prelim) declined from 50.6 to 50.0.The US Durable Goods Orders in June 2019 could increase 0.7%, better than the last -1.3%. Crude Oil Price ...
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Crude Oil Price Correcting Gains But Remains Supported

Key Highlights Crude oil price struggled two times to clear the $60.85 resistance against the US dollar.There was a break below a major bullish trend line at $58.70 on the 4-hours chart of XTI/USD.Canada’s CPI declined 0.2% in June 2019 (MoM), similar to the forecast.The US Initial Jobless Claims for the week ending July 13, 2019 might increase from 209K to 216K. Crude...
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Crude Oil Price Facing Key Resistance, Fed Next

Key Highlights Crude oil price formed a strong support above $51.00 against the US dollar.There was a break above a major bearish trend line at $52.20 on the 4-hours chart of XTI/USD.The US Housing Starts declined 0.9% in May 2019, more than the market expectation (-0.4%).The Fed interest rate decision is scheduled today and the central bank is likely to make no changes in ...
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Crude Oil Price Rallies To New 2019 High

Key Highlights Crude oil price started a strong rise and traded to a new 2019 high above $64.00 against the US dollar.There was a break above a bullish flag pattern with resistance at $62.40 on the 4-hours chart of XTI/USD.The US CPI in March 2019 increased 0.4% (MoM), more than the +0.3% forecast.The US PPI in March 2019 could rise 0.3% (MoM), less than the last +0.1%. ...
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Crude Oil Price Rebounds After Forming Support Near $50

Key Highlights Crude oil price formed a decent support near $49.50 and $50.00 against the US dollar. There was a break above a major bearish trend line with resistance at $51.50 on the 4-hours chart of XTI/USD. The Euro Zone Services PMI in Nov 2018 increased from 53.1 to 53.4. Today, the US Services PMI for Nov 2018 will be released, which is forecasted to remain...
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Crude Oil Price Holding Key Uptrend Support

Key Highlights Crude oil price corrected lower and tested the $73.00 support area against the US dollar. There are two bullish trend lines in place with support at $73.30 and $72.40 on the 4-hours chart of XTI/USD. The NFIB Business Optimism Index in Sep 2018 declined from 108.8 to 107.9. The US Producer Price Index for Sep 2018 will be released today, which is fo...
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Crude Oil Price Remains in Uptrend Above $71.30

Key Highlights Crude oil price is trading with a bullish bias above the $71.00 support against the US dollar. There is a key ascending channel in place with support at $71.40 on the 4-hours chart of XTI/USD. The Fed increased interest rates from 2.00% to 2.25%. The US GDP for Q2 2018 will be released today, which is forecasted to grow 4.2%. Crude Oil Price Tech...
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Crude Oil Price Broke Key Support, Could Decline Further

Key Highlights Crude oil price topped near the $75.20-30 area and declined recently against the US dollar. There was a break below a major bullish trend line with support at $70.40 on the 4-hours chart of XTI/USD. The US Industrial Production in June 2018 increased 0.6%, similar to the forecast. Today in the US, the Building Permits figure for June 2018 (MoM) will...
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