Crude oil prices edged higher on Thursday after dropping to a fresh low at $40.21. Prices are under pressure as supply continues to mount up. Wednesday’s
Crude oil prices edged higher on Thursday after dropping to a fresh low at $40.21. Prices are under pressure as supply continues to mount up. Wednesday’s report from the Energy Information Administration shows that crude oil inventories increased by 2.6 million barrels compared to the 0.5 million barrels expected.
Resistance is seen near the 20-day moving average at $44.74, while support is much lower at $32.35. Momentum remains negative with the MACD (moving average convergence divergence) printing in the red with a downward sloping trajectory.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
