With Crude futures settling up two dollars at $67.45 today, the price rise came despite bearish developments such as a surprise build in U.S. crude inventories and increased supply from OPEC+.
The EIA weekly inventory data showed an unexpected build of 3.8-million-barrel, much higher than the -1.8-million-barrel draw expected. OPEC+ added another 411,000 barrels per day of supply on July 1 and is expected to approve a similar increase for August during its July 6 meeting.In addition, the ADP employment change showed a surprise drop in employment well below the expected 100K rise.
However, offsetting the negative was a lower dollar which provided. A technical break also encouraged buying.
Looking at the hourly chart below, the price broke above the topside range in play since April 24 and also above the 50% midpoint of the move up from the April 9 low at $66.33 (see red box on the chart below). The price also extended above the 200-hour moving average at $67.06 (green line on the chart above).
Those breaks gave the buyers the go ahead to push to the upside from a technical perspective.
Going forward, it would take a move back below those two levels to disappoint the buyers and put sellers back in control from a technical perspective. On the top side of the next key target comes here the $69 level.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about crude oil breaks above 50 midpoint 200 hour ma was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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