27 crude oil market analysis, rise or fall today?
The crude oil market is currently at a crossroads, balancing geopolitical tensions in the Middle East with economic factors and policy speculation.
Although oil prices fell in early Asian trading on Wednesday, they surged more than 2% earlier this week to reach their highest level this month. Inventory reports further affected the market outlook. Forecasts show U.S. crude inventories will fall by 2.6 million barrels, while distillate and gasoline inventories are expected to rise. These insights provided by the American Petroleum Institute (API) and the Energy Information Administration (EIA) are critical for traders to gauge supply levels. Yesterday (December 26) crude oil closed up. Last week, the weekly closed positive for the second week and rebounded. But whether it can continue is a question. Whether it continues to close positive this week or turns negative and falls back will determine the direction of the market outlook.
The 1-hour chart tested twice near 76 and was suppressed. Today we still need to pay attention to the pressure break at the high point. It is currently rebounding, but whether it can continue further requires breaking through the resistance of 76 to open up space. Below, focus on the two previous lows of 73.2 and 72.5. If they fall below, it means the end of this stage of the rise.
If you currently hold orders, you can send them to me and I will give reasonable suggestions based on the market conditions!
Although oil prices fell in early Asian trading on Wednesday, they surged more than 2% earlier this week to reach their highest level this month. Inventory reports further affected the market outlook. Forecasts show U.S. crude inventories will fall by 2.6 million barrels, while distillate and gasoline inventories are expected to rise. These insights provided by the American Petroleum Institute (API) and the Energy Information Administration (EIA) are critical for traders to gauge supply levels. Yesterday (December 26) crude oil closed up. Last week, the weekly closed positive for the second week and rebounded. But whether it can continue is a question. Whether it continues to close positive this week or turns negative and falls back will determine the direction of the market outlook.
The 1-hour chart tested twice near 76 and was suppressed. Today we still need to pay attention to the pressure break at the high point. It is currently rebounding, but whether it can continue further requires breaking through the resistance of 76 to open up space. Below, focus on the two previous lows of 73.2 and 72.5. If they fall below, it means the end of this stage of the rise.
If you currently hold orders, you can send them to me and I will give reasonable suggestions based on the market conditions!
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The SELL has made a profit
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Almost reached my target and missed the opportunity to buy
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scalping profit✅
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Reaching the target area, crude oil trading can end today
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