WTI Crude Rises After 2- Days Fall – Outlook Strong

Oil prices edged up on Thursday after sharp falls in the previous two sessions, though gains were limited as some investors shied away from riskier assets amid volatile equity markets and a stronger dollar.

Both global benchmark oil futures fell sharply on Wednesday after government data showed a larger-than-expected rise in U.S. crude inventories.

U.S. West Texas Intermediate crude for April delivery was up 13 cents, or 0.2 percent, at $61.77 a barrel by 0741 GMT. It settled the previous session down 2.2 percent.

Brent crude for May delivery, the new front-month contract, was up 17 cents, or 0.3 percent, at $64.90. The April contract expired on Wednesday, down 1.3 percent.

U.S. crude inventories rose by 3 million barrels last week, compared with analyst expectations for a build of 2.1 million barrels, weekly data by the Energy Information Administration (EIA) showed.

On the technical charts, WTI crude is trading sideways and below the 9 day, 20 day and the 50 day moving averages. The RSI is at 44.23 and the MACD is above the signal line.

Trade suggestion:

Buy stop at 61.24, Take profit at 61.75, Stop loss at 61.00

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