CL New York oil futures - affected by profit-taking and interest rate concerns, oil prices fell back from highs.

On Thursday, U.S. crude oil futures fell $1.97, or 2.1%, to settle at $91.71 a barrel. Earlier, declining supply and insufficient inventories pushed U.S. crude to its highest level since August 2022 at $95.03.

The technical chart shows that the MACD indicator has just broken below the signal line, and oil prices are expected to continue their correction. Calculated based on the golden ratio, the 23.6% and 38.2% callback levels are at $90.70 and $88.20, and the extension to 50% and 61.8% is at $86.15 and $84.15 US dollars. The more significant support level will reference the 250-day moving average of $78.60. The resistance levels are expected to be $95.00 and $97.70, and the greater resistance levels are expected to be $98.70 or even the $100 mark.

Forecast range:
Resistance 95.00 – 97.70 – 98.70 – 100.00
Support 90.70 – 88.20 – 86.15 – 84.15

Highlights of the week:
EIA: U.S. refinery capacity utilization fell 2.4 percentage points in one week
EIA: U.S. crude oil inventories fell by 2.17 million barrels in one week
EIA: U.S. gasoline inventories increased by 1.027 million barrels in one week
EIA: U.S. distillate inventories rose by 398,000 barrels in the week

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