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Oil still in bearish correction despite API rally

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Oil has rallied on the API data and a smaller than expected build in inventory.

    The American Petroleum Institute (API) crude oil inventory data offered a build of 1.5 million bbls against the projected build of a 3.4ml bbls. Cushing was +471k and gasoline draw was 1.2ml bbls.

    Oil has rallied through the 20 sma on the hourly chart at 36.47 form lows of $35.94 and has reached a high of $37.45, but is still within a bearish correction towards the 100 dma at $36.30.
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