NEW YORK - Oil prices remain under pressure in the face of dollar strength

Oil prices remain under pressure in the face of strong US dollar

Open interest in U.S. crude futures fell to the lowest level since January 2015 on Wednesday, as investors slashed risk assets such as commodities on fears the central bank would keep raising interest rates. Meanwhile, the U.S. dollar index hit a five-week high on Thursday. A stronger US dollar reduces demand for oil, which is more expensive for buyers in other currencies.

From the technical chart, RSI and stochastic index have turned lower, and it is expected that oil prices will still tend to maintain a downward trend. The closest resistance is to look at $91, and the key is the 25-day moving average of $93.80. The bottom support is estimated at 85.70 and 85 yuan, and the next level will watch at $83.30.


Highlights of the week:
U.S. refinery capacity utilization fell 0.8 percentage points over the week
US crude oil inventories fell by 7.056 million barrels for the week
U.S. gasoline inventories fell by 4.642 million barrels for the week
U.S. distillate inventories rose by 766,000 barrels for the week
U.S. crude oil imports fell by 2.929 million barrels per day for the week

Estimated volatility:
Resistance 91.00 – 93.80*
Support 85.70* – 85.00 – 83.30

 

 

 

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