Crude Oil Analysis

US Session Analysis for CFD Instruments 15/05/2024

Fundamental analysis

15 May, 2024

Crude Oil is trading today in the European session around the $78 level.

Oil prices rose on Wednesday due to expectations of increased demand driven by a weaker U.S. dollar and reports of declines in U.S. crude and gasoline inventories. The upcoming release of inflation data also hints at a more positive economic outlook. Market sources cited a 3.104 million barrel drop in U.S. crude oil inventories according to the American Petroleum Institute.

Anticipation surrounds government inventory data expected later today, likely showing a decrease in crude stockpiles as refineries boost operations for the summer driving season.

Additionally, oil prices were supported by a softer U.S. dollar and stimulus measures from China, making dollar-denominated oil cheaper for investors holding other currencies.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 15/05/2024

Support & Resistance	Level	Explanation
Resistance 2	78.75	Daily R2
Resistance 1	78.25	Daily R1
Support 1	76.93	Daily S1
Support 2	76.43	Daily S2

CRUDEOIL Indicator Table - 15/05/2024

Indicator	Signal
SMA 20	Sell
SMA 50	Sell
SMA 100	Sell
MACD( 12;26;9)	Sell
RSI (14)	Sell
Stochastic ( 9;6;3)	Sell

CRUDEOIL Indicator / Period Table - 15/05/2024

Indicator / Period	Day - Sell	Week - Sell	Month - Sell
MACD( 12;26;9)	Sell	Sell	Buy
RSI (14)	Sell	Sell	Sell
SMA 20	Sell	Sell	Sell

CRUDEOIL 15/05/2024 - Reference Price : 77.59

Sell

Simple Moving Average	Buy (0)	Sell (3)
Technical Indicators - Oscillators	Buy (0)	Sell (3)

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