We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
Market News Crude oil inventories increase and vaccine problems depress oil prices (with trading strategy)

Crude oil inventories increase and vaccine problems depress oil prices (with trading strategy)

The two major crude oil futures continued their decline on Tuesday (March 15). As of press time, US WTI crude oil futures for April closed down 59 cents, or 0.90%, to $64.80 per barrel; Brent crude oil futures for May closed down 49 cents, or 0.71%, to $68.39 per barrel. On the previous trading day, U.S. oil closed down 22 cents, or 0.33%, to $65.39 per barrel; Bulk Oil closed down 34 cents, or 0.49%, to $68.88 per barrel.

Eden
2021-03-17
676

\"power-station-374097_1920.jpg\"\/<\/p>

<\/p>

The two major crude oil futures continued their decline on Tuesday (March 15). As of press time, U.S. WTI crude oil futures for April closed down 59 cents, or 0.90%, to $64.80 per barrel; Brent crude oil for May futures closed down 49 cents, or 0.71%, to $68.39 per barrel. On the previous trading day, U.S. oil closed down 22 cents, or 0.33%, to $65.39 per barrel; Bulk Oil closed down 34 cents, or 0.49%, to $68.88 per barrel. <\/p>

<\/p>

The U.S. Labor Office said on Tuesday that fuel import prices soared due to rising oil and natural gas prices, and the U.S. Import Price Index rose 1.3% in February 2021 . The increase in crude oil prices this year has led to an increase in gasoline prices in the United States, and gasoline prices are expected to rise further in the coming weeks. According to data from the American Automobile Association (AAA), gasoline prices in some states in the United States may rise to $4 per gallon. With the price of crude oil soaring in recent weeks, Americans are paying 14% more for a gallon of gasoline than it was in February. <\/p>

<\/p>

Phil Flynn, a senior market analyst at the Price Futures Group, said that the decline in oil prices was due to China is struggling to recover, so the market expects crude oil inventories to increase again, which has suppressed oil prices."<\/p>

<\/p>

The EIA announced last week that US crude oil inventories are in In the week ending March 5, there was an increase of 13.8 million barrels. An earlier week, inventories even increased by 21.6 million barrels. In the week ending February 19, crude oil inventories also increased by 1.3 million barrels. <\/p>

<\/p>

According to a survey by S&P Global Platts, analysts on average expected a moderate increase in crude oil inventories by 400,000 barrels last week (as of March/December). <\/p>

<\/p>

Follow the IEA short-term energy report<\/strong><\/p>

Oanda senior market analyst Edward Moya report He pointed out, "WTI’s bearish positive spread is not surprising because inventories have increased substantially in the past few weeks. The outlook for crude oil demand is still the key to rising oil prices. If short-term risks continue to increase due to virus mutations, crude oil prices may fall back slightly 10 %", Moya said. He also mentioned on Tuesday that some European countries decided to stop AstraZeneca's vaccine, which should weaken the prospects for short-term crude oil demand. <\/p>

<\/p>

This week, in addition to continuing to pay attention to API, EIA crude oil inventories and Baker Hughes oil active drilling data, crude oil traders also need to pay attention to international The Energy Agency (IEA) released its monthly short-term energy outlook report on Wednesday. With the easing of the new crown epidemic and the full spread of vaccination, it is expected that the IEA monthly report may raise future crude oil demand expectations, which is expected to provide support for oil prices. <\/p>

<\/p>

Trading strategy (provided by Trading Central) <\/strong><\/p>

<\/p>

Turning point: 64.35<\/p>

<\/p>

Trading strategy:<\/strong> Above 64.35, go long, the target price is 65.45, and the second target price is 65.90. <\/p>

<\/p>

Alternative Strategy: <\/strong> Below 64.35, then bearish, with target prices of 64.05 and 63.80. <\/p>

<\/p>

Technical opinions :<\/strong> RSI technical indicators have complex operating trends and tend to rise. <\/p>

<\/p>

Support position And resistance level: <\/strong><\/p>

66.40<\/p>

65.90<\/p>

65.45<\/p>

64.78<\/strong > Close price<\/p>

64.35<\/p>

64.05<\/ p>

63.80<\/p>

<\/p>

Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free