Market Update: Oil
Today we take a look at Oil’s daily chart.
Buyers broke back above the $43 point after adding over 2% in yesterday’s session. Looking at price will we see a confirmed continuation this time? We have seen buyers pushed back into the range on previous attempts above $43. A good start will be a move/close above the AUG high to show buyer commitment and that buyers continue to control momentum.
EIA crude oil inventories are due today traders, this data can have an influence on price. The market is expected -3.4M in today’s figure. The inventories will be released at 12:30 am Thursday morning AEST.
Today’s Market Analysis Video