Crude Oil Reaching Critical LevelsPosted 06/28/2019 7:37AM CT |
As of Thursday, the August crude oil contract is little changed on the day following this week’s draws in inventory in both the API and EIA reports, possibly as the market anticipates any developments at the G20 and with Iran and the Strait of Hormuz.
Also, of note, at $59.35, the market is not far from the psychologically important $60 level and a number of key moving averages, pictured below. In addition to this week’s reports and any developments this weekend, the politics around the next OPEC meeting, with the date already having been changed, could provide further uncertainty in addition to the changes in U.S. production and any further infighting between OPEC and non-OPEC members.
Crude Oil Aug ’19 Daily Chart