Oil IUSO) Trading Lower Ahead Of The EIA’s Weekly Data
$USO, $OIL
US Crude Oil (NYSEArca:USO) prices advanced 1.60% Vs the USD for the 24 hr frame ending 23:00 GMT, closing at 61.13.
The American Petroleum Institute (API) disclosed that USO inventories fell more than expected by 3.2-M bbl, an 8th consecutive weekly decliner.
In the Asian session, at GMT 0300, the Crude Oil is trading at 61.11, just a bit lower from Tuesday’s close.
See 1st support at 59.94, and a break there sees next support at 58.77.
1st resistance seen at 61.88, and a break there cold drive price to the next resistance at 62.65.
USO is trading above its 20 Hr and 50 Hr MAs.
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Crude Oil’s collapse is largely attributed to lower global demand, which was accompanied by more production from the Organization of the Petroleum Exporting Countries (OPEC). OPEC members, seeking to defend their market share of a highly oversupplied Crude Oil market, have engaged in a ‘price ware.”
West Texas Intermediate (WTI), also known as WTI Crude Oil or Texas light sweet, is a grade of Crude Oil used as a benchmark in Oil pricing (USO)
This grade is described as light because of its relatively low density, and sweet because of its low sulfur content.
Crude Oil is the underlying commodity of Chicago Mercantile Exchange’s COMEX Oil futures contracts.
The price of Crude Oil is often referenced in news reports on Oil prices, alongside the price of Brent Crude (OIL) from the North Sea.
Other important Oil markers include the Dubai Crude, Oman Crude, Urals oil and the OPEC Reference Basket.
WTI Crude Oil is lighter and sweeter than Brent Crude Oil, and considerably lighter and sweeter than Dubai or Oman.
Have a terrific week.
Paul Ebeling
HeffX-LTN
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