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Oil bearish below 4hr 100 sma and inventory builds

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Ahead of tomorrow's expectations for a build in the Energy Information Administration (EIA) data with a consensus for a build of 2822.22K barrels, today's prelude in the American Petroleum Institute data showed an inventory build of 2.6mln barrels.

    The break down came as an oil inventory build of 2.6 mln barrels, cushing draw of 319K barrels, gasoline -1.94 mln bbls and distillate -95K bbls.

    There was a low of $37.89 before a rebound in the price came about and arrived at $39.50, but remains in bearish territory since dropping below $40.00 and below the 100 sma on the 4hr sticks at $38.74.

    USD/CAD has plummeted today, but that is more to do with Yellen and a broad based sell-off in the US dollar. Yellen: Appropriate for Fed to proceed cautiously with rate hike
    For more information, read our latest forex news.

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