Crude Oil Highlights

The price of crude oil stayed unchanged on Thursday as investors anticipated American crude inventory numbers.
API announced a 6.49 m barrel decline in oil stockpiles, while petrol inventories fell by 452K barrels.
Notwithstanding a big stockpile drop, wider risk mood pushed prices downward.

Crude Fundamental Picture

The market Snapshot

Crude oil prices stayed fairly unchanged on Thurs as investors anticipated news on American oil stocks. Amid robust American economic growth implying greater borrowing rates for an extended period, possibly affecting consumption.

The API reported a large decline in crude stocks of 6.49 mil barrels. while petroleum dropped by 452 K bls and distillate increased to 2.045 M.

Such greater than-estimated drop might have sustained prices, but overall risk mood pushed them downward. The forthcoming statistics from the US EIA & the OPEC+ summit on June 2nd will have a significant impact on crude natural gas projections.

Source: EIA

WTI Crude Analysis

Neel Kashkari, made hardline statements that fueled fears over imminent rate rises. Rising rates of interest have a detrimental influence on America’s economic prospects, lowering the WTI pricing.

WTI Crude is presently priced at $78.99, down 0.14 percent. The pivotal point of $79.41 is essential for the market’s trajectory. Nearby levels of resistance include $80.61, $81.53, then $82.73. To the lower end, levels of support include $78.46, $77.32, then $76.22.

The technical signs reveal that the 50 D-EMA is $78.73, while the 200 D- EMA is $79.75. The RSI, or Relative Strength Index, is going to be extensively examined for trend indicators.
The prognosis is negative beneath $79.41 mark. A breakout over this point may move the tendency into an upward trajectory.

Brent Crude Analysis

Brent is currently trading at $83.61, lower by 0.04 percent. The point of turning point is $83.09, which is a critical milestone for the market’s trajectory. Nearby levels of resistance include $84.66, $85.56, then $86.55. To the negative side, right away supports comes at $82.00, then $80.65 & $79.75 mark.

The technical indicators show 50 D-EMA around $83.00 with the 200 D- EMA around $84.20 mark.. Watching the RSI will give more understanding regarding market sentiment.
The prognosis stays positive over $83.00. A breach beneath this threshold might result in a severe losing momentum.

WTI Technical Indicators & Signals

Short-Term Trend – Mixed